BUCHAREST, Feb 5 (Reuter) - The independent body overseeing competition in Romania said on Thursday it had given conditional approval to the dominant position held by private tyremaker distributor Tofan Grup SA in the local market.
"We will monitor Tofan Grup in the next five years to determine whether it respects ours conditions, which allow the firm to have ecomomic concentration in local tyre market," said Viorel Munteanu, president of the Competition Council, a watchdog body guaranteeing fair competition in Romania.
Under a decision issued by the Council, Tofan Grup must provide over the next five years data on turnover, net and gross profit, investments, shifts in shareholders' structure, tyre imports, the average number of its customers and the level of local and foreign market sales.
Last year, Tofan Grup bought a 51 percent stake in two state-owned tyre makers, after taking over Romania's largest tyremaker, Danubiana SA, in 1995. Tofan also has its own sales network.
Tofan Group SA, with a staff of 12,000 and a reported 1996 turnover on sales worth $90 million, is estimated to have raised its sales figure last year to $200 million.
((Andrei Iva, Bucharest Newsroom +40-1 312-0264, fax +40 1 315-8448, email@example.com)) REUTERS IVA RP