The Commission for the Protection of Competition (CPC) permitted the buyback of Germany's Handelsblatt stake in publishing group Economedia to the group's existing majority owner and a new owner, the anti-trust watchdog said on Thursday, as quoted by mediapool.bg.

The decision allows business person Ivo Prokopiev, the owner of the Investment Information Agency (IIA), itself holding 50 per cent Economedia's shares, to restore majority ownership of Economedia. Prokopiev acquired Handelsblatt shareholding together with PH Media. Following the deal, IIA and PH Media will divide the newly-acquired shares in a 51-49 share-out.

PH Media is the property of one of Economedia's owners, Philip Harmandjiev, and its primary activity is the sale and purchase of real estate. Harmandjiev is also owner of Damianitsa wine maker.

The CPC notes that Economedia's concentrated ownership would allow the company to broaden its product range and expand its client base. At the same time, the deal did not pose a threat to competition on the media market as it would not prevent other companies from entering the sector.

The commission considered that the acquisition would hardly have a negative impact on the market.

Economedia acquired in July 2007 a 60 per cent share in Sofia Echo Media, publisher of The Sofia Echo, real estate magazine PropertyWise and websites sofiaecho.com, propertywisebulgaria.com and expatinbulgaria.com.