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Landsbankinn's acqusition of Ístak hf.

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  • Case number: 35/2013
  • Date: 9/7/2015
  • Company:
    • Landsbankinn hf.
    • Ístak hf.
  • Sectors:
    • Consumer goods, supplies and etc.
    • Financial services
    • Constructions
  • Policy Area:
    • Mergers
  • Summary

    The Icelandic Competition Authority (ICA) has reviewed a merger between Ístak hf. and Landsbankinn. The Ístak hf. Is a construction company and Landsbankinn is a large universal bank in Iceland. Due to the bankruptcy of Ístak hf.’s parent company, the Danish undertaking Pihl and Sön, the ICA granted permission to Landsbankinn on September 2nd 2013 to acquire Ístak hf. while the merger was investigated by the ICA. The permission was granted because Ístak hf.’s operations would have been seriously disrupted without the backing Landsbankinn provided to ensure construction contracts in Norway, Greenland and elsewhere. After its investigation and with reference to all of the above conditions were imposed in order to limit the harming effects of the merger on competition. Conditions have been agreed upon by the ICA and the undertakings in question and certain requirements imposed to speed up Landsbankinn’s sale of Ístak hf. as stated in the decision.