German Giant Merck Takes over Bulgaria Distributor Aquachim

Borislav Velikov's company Aquachim is to be acquired by German pharmaceutical giant Merck. Photo by BGNES

Global pharmaceutical giant Merck will acquire its Bulgarian distributor Aquachim, the Commission for Protection of Competition (CPC) announced Friday.

This official decision grants permission for the German-owned Merck Holding to buy up Aquachim in its entirety. The anti-monopoly Commission has authorized concentration through Merck Holding's acquiring direct control over the of the company's pharmaceutical and chemical products business, with immediate effect.

Aquachim is a wholesale dealer of chemical and pharmaceutical products. In 2008, the company's revenues amounted to BGN 30,7 M and it made a profit of BGN 1,4 M, according to the company financial report as published in the Trade Register.

Merck are buying up only that part of the business of Aquachim that relates to trading with their products.

Aquachim has refused to comment on the forthcoming concentration before it takes effect, so at the moment the details of the deal are not known.

Merck Holding is a representative of the global group Merck which develops and manufactures innovative medicines, and products with high-tech application such as liquid crystals and chemicals for specific application in cosmetics, optics and foodstuffs.

The sole owner of Aquachim is Borislav Velikov, a ex-Chair of Parliament and MP from the NMSP of former Tsar and former PM Simeon Saxe-Coburg. In 2007, Velikov was one of the 17 MPs who split off from the NMSP and went on to form the Bulgarian New Democracy ( BND) party.

Aquachim was established at the beginning of the 1990s. Velikov has headed the company since 1992. He had also served as the Director for Bulgaria of the German chemical and pharmaceutical concern Merck.

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