The Competition Authority has, by decision No. 41/2011 published today, sets out detailed conditions for the transaction between Landsbankinn hf. and Bifreiðainnflutnings ehf. (BIF) concerning the shares in Toyota á Íslandi ehf. (Toyota). The conditions are, among other things, set with the aim of mitigating the distortion of competition that may arise from Landsbankinn's ownership of a 40% stake in Toyota.
In assessing this merger, the decision of the Competition Authority was taken into account, among other things. No. 1/2011, Purchase of Vestia Holding Company ehf by Framtakssjóður Íslands slhf. In this case, the Competition Authority imposed conditions on the purchase of Vestia Holding Company by Framtakssjóður Íslands (FSI). The Competition Authority's decision stated, among other things, that NBI's (now Landsbankinn) ownership of a stake in FSÍ could distort competition in the relevant markets and cause an imbalance in competition in the financial market.
Negotiations with the merger parties have led to them entering into a settlement in the matter. Thus, Landsbankinn and BIF have agreed to comply with the conditions set out in the decision of the Competition Authority.
The conditions and their assumptions are discussed in more detail in the decision of the Competition Authority. No. 41/2011.
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