At its meeting on 6 July, the Competition Council adopted a decision (No. 18/1999) regarding the takeover of Vöruveltan hf. by Baugur hf., which has operated the 10-11 stores. Baugur bought all shares in Vöruveltan on 21 May this year, thereby taking over the operation of the 10-11 retail chain. In its decision, the Competition Council concludes that, in light of the courts' interpretation of the merger provision of the Competition Act, there are no legal grounds, under that provision, for competition authorities to intervene in Baugur's acquisition of Vöruveltan.
Regardless of this decision by the Competition Council, the detailed review of competition and trading practices in the food market, which began some time ago, will continue.
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