Oaktree Gets EU Approval for Doughnut Deal

Oaktree Capital sealed approval Monday from the EU for its plan to acquire Spanish doughnut maker Panrico. The European Commission, the EU’s competition watchdog, said the deal did not raise competition concerns, because there were no overlaps between their activities, Reuters wrote.

(Reuters) – U.S. private investment firm Oaktree Capital won EU approval on Monday to acquire Spanish doughnut maker Panrico.

The European Commission, the EU’s competition watchdog, said the deal did not raise competition concerns, because there were no overlaps between their activities.

It said it had looked at the relationship between Nordenia, an Oaktree group company which has interests in flexible packaging, and Panrico’s bakery activities.

“However, due to Nordenia’s low market share in the upstream market for flexible packaging for bread, biscuits and cakes, the merged entity would lack the ability to shout out competitors from supplies,” the Commission said in a statement.