Festi hf: Festi acquisition of all shares in Lyfja hf. – Conciliation talks begin with the Icelandic Competition Authority.
April 15 2024 - 10:51AM
UK Regulatory
Festi hf: Festi acquisition of all shares in Lyfja hf. –
Conciliation talks begin with the Icelandic Competition Authority.
The Icelandic Competition Authority has agreed to Festi’s
request to start conciliation talks on possible remedies associated
with Festi’s acquisition of all shares in Lyfja hf. The
conciliation talks are expected to start this week.
Reference is made to Festi’s announcement, published on the
18th of March 2024, regarding the preliminary
conclusions in the Icelandic Competition Authority’s investigation
into the competitive effects of Festi’s purchase on the entire
share capital of Lyfja hf. It is stated therein that the merger
will, based on the current state of the investigation, require
intervention by the Icelandic Competition Authority.
In Festi’s announcement, published on the 26th of
March 2024, it was reported that the company had submitted a
response to the Icelandic Competition Authority‘s preliminary
conclusions where Festi‘s arguments and proposals for remedies were
presented. The response formally requested a conciliation talks
with the Icelandic Competition Authority on possible remedies
associated with the acquisition. The Competition Authority has now
agreed to Festi’s request regarding the matter.
Further information about the progress of the conciliation talks
will be provided when applicable.
For further information, please contact Ásta S. Fjeldsted, CEO
of Festi (asta@festi.is) and Magnús Kr. Ingason, CFO of Festi
(mki@festi.is).
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