French-owned company asks for permission to acquire largest biofuel production company

Idex Baltic, a Lithuanian company owned by French renewable energy group Idex which has recently entered Lithuania, is asking Lithuania's Competition Council for permission to acquire Pusbroliai, one of the largest biofuel production and supply companies in Lithuania.

The competition watchdog says it received the request on Tuesday, with Idex Baltic asking to acquire 100 percent of the Lithuanian company.

In October, businessman Gintautas Juska sold Pusbroliai to Genopas, a Dutch-registered investment company owned by Arturas Rakauskas, a shareholder of Kesko Senukai, and Nunica Holdings, a Dutch-based company owned by investment company Zabolis and Partneriai.

Owned by Rakauskas and Zabolkis ir Partneriai, Geco Investicijos sold 40 percent in Danpower Baltic, a heating provider, to Idex, keeping a remaining stake of 10 percent. Idex bought another 50 percent from Germany's Danpower.

Operating since 2008, Pusbroliai sells biofuel, forest and round wood.