In a letter dated 22 January 2007, the Competition Authority drew attention to a news report that Sundagarðar hf. had purchased all the shares of Sparisjóðs Mýrarsýslu in Borgarnes Kjötvörum ehf. that a merger might be involved which would be subject to notification requirements under Article 17 of the Competition Act. The Competition Authority ordered the company to notify it of this merger. A satisfactory merger notification was received by the Competition Authority on 13 March, or more than two months after the notification obligation arose with the signing of the purchase agreement on 31 December 2007. By doing so, Sundagarðar breached the merger notification requirement. Under Article 37 of the Competition Act, the Competition Authority imposes a fine on companies that breach the obligation to notify a merger within the statutory deadline. Sundagarðar was therefore fined 750,000 krónur.
Decision No. 32/2008.
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