German frozen pizza and baking goods manufacturer Dr Oetker has refused to be drawn on plans to sell its soy pieces business in Romania.

A statement released by Romania’s national competition markets council today (23 May) shows the group is looking to hand off the assets from its Inedit soy pieces brand.

According to the statement, Dr Oetker intends to sell the label to The New Originals Company, a subsidiary of Austrian investment holding company Raiffeisen.

Dr Oetker declined to comment on the news, stressing it did “not wish to publish any information about our business operations in Romania”.

The company has held a base in Romania since 1998. Its main factory since 2002 has been based in the central region of Curtea de Arges. Around 380 products are processed here, including dessert powders, baking mixes, liquid flavourings, and until recently, soy products.

The factory supplies the Romanian market as well as Ukraine, Moldova and Bulgaria, according to the company’s website.

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The competition watchdog said it will assess the transaction “in order to establish its compatibility with a normal competitive environment”.

Just Food has asked the anti-trust authority to confirm when it expects a final decision to be made on the acquisition.

Headquartered in Vienna, Raifeissen has investments in a number of consumer goods producers in the Romanian market, such as the Slovak tofu producer Alfa Bio.

Dr Oetker generated €4.17bn ($4.51bn) in sales revenue in 2023, an increase of 6.9% year-on year on an adjusted basis and 4.5% on a nominal basis.

International sales grew 8.1% versus 2022 on an adjusted basis and 3.6% on a nominal basis to €2.7bn. Sales on Dr Oetker’s home turf in Germany were up 4.6% and 6.3% on an adjusted and nominal basis to €1.47bn.

The group’s portfolio includes frozen pizzas, baking mixes and ingredients, chocolate, and desserts. As well as Romania, it sells products to countries across Europe, including Austria, Belgium, Bulgaria, Croatia, Denmark, Finland, and France.