Czech authorities have rejected a takeover bid for a Czech unit of France’s Saint-Louis Sucre by a unit of Germany’s Suedzucker.

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The Czech antitrust authority (UHOS) said it rejected the merger on the grounds that it would severely restrict competition in the Czech sugar market, reported Reuters.

Suedzucker acquired Saint-Louis Sucre in 2001 but the merger has not taken effect in the Czech Republic because of the UHOS investigation.

The takeover would have given Suedzucker more than 40% of Czech sugar processing capacity.

“The newly-created entity would command such economic and financial power that it would enable it – in a substantial way – to act independently of other competitors and consumers,” UHOS chairman Josef Bednar was quoted by Reuters as saying.

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“The strong position of the newly-created entity could lead to an increase in sugar prices,” Bednar added.