Romania's Competition Council authorized the transaction through which the energy, gas and petroleum trader Tinmar Group, controlled by local businessman Augustin Oancea, took direct control over the grain producer Intercereal Ialomita, reaching a 94.9% stake.

Before the transaction, as early as last fall, Tinmar had a 40% stake, and the Mediterranean company controlled 59.9%.

Intercereal operates 10,550 hectares of land leased from the Romanian state and is among the top 10 beneficiaries of annual agricultural subsidies in the country (EUR 4.7 million), according to Profit.ro.

The company was part of Ioan Niculae's Interagro group, currently under insolvency.

(Photo: Denis Kovtun/ Dreamstime)

andrei@romania-insider.com