Acquisition of Herz by Bonafarm approved

2010-03-16

The Hungarian competition watchdog (GVH) has approved the acquisition of Herz Szalamigyar, a Hungarian-based salami maker, by Bonafarm, a holding representing the food industry interests of OTP Bank chief Sandor Csanyi.
Bonafarm and Herz agreed to the takeover on 1 December 2009. As the owner of Bonafarm also owns Hungary’s number-one salami producer Pick Szeged, the two most prominent domestic salami producers will now belong to the same owner for the first time since 2004. For more details on the transaction, please see the news brief “Bonafarm to buy Herz Salami” in Central Europe Retail Update issue of 12 November 2009.
Herz was founded by Armin Herz in 1888. After privatisation, it was bought by Herz Szalamigyar and Pick Szeged. It was then separated from Pick in 2004 and operated independently until being declared insolvent in January 2009. The company’s main export markets were Germany, Austria and the Czech Republic.