Merger of SF IV slhf. and Skeljungur hf.

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• Case number: 02/2014
• Date: 10/2/2014
• Company:
  • Skeljungur hf.
  • SF IV slhf.
• Sectors:
  • Consumer goods, supplies and etc.
• Policy Area:
  • Mergers
• Summary

  The Competition Authority has reviewed the acquisition by SF IV slhf., a venture capital fund, of Skeljungur hf. an oil company that has an exclusive franchise from the Shell company in Iceland. The acquisition of the oil company by SF IV constitutes a merger within the meaning of article 17 of the Competition Act. SF IV is special purpose entity that was founded to manage the shares of Skeljungur. SF IV has an operations contract with Stefnir hf. an asset and fund management company which is owned by Arion banki one of the three largest banks in Iceland. Arion banki is also one of the largest shareholders of SF IV; other large shareholders are mostly Icelandic pension funds. The case was concluded with a settlement between the parties of the merger and the Authority that involved certain remedies that among other are supposed to guaranty that Skeljungur will continue to be an independent competitor in the market for oil products in Iceland.