The Competition Council has ruled (Decision of the Competition Council No. 44/1999), that based on the information submitted regarding Grænmetis ehf.'s purchase of shares in Ágæti hf., there is no reason for the competition authorities to intervene in the purchase. The Board's decision states that should the assumptions on which it is based change, the matter will be reconsidered.
Last November, horticulturist Thorhallur Bjarnason, and his company Grænmeti ehf., purchased a 95% stake in the vegetable distribution company Ágæti hf. from the Agricultural Bank. Earlier this year, the Horticulturists' Sales Association Ltd. initiated the sale of their shares in Ágæti to the Búnaðarbanki, and the Sölufélagið had also made an agreement with the bank that it would buy all the shares from the bank at the end of the summer. These purchases did not materialise, as the bank concluded that the Sölufélag's acquisition of Ágæti might contravene competition law merger regulations. However, Thorhallur Bjarnason, a horticultural farmer and former director of the Gardeners' Sales Association, bought the shares from the bank through his private limited company, Grænmeti.
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