Establishment of Ósness ehf and Genevad Holding AB in BEWI Iceland ehf

The Competition Authority has been considering the establishment of Ósness ehf. and Genevad Holding AB in BEW Iceland ehf. BEWI is a joint venture (e.g. full-function-joint-venture) its owners and established for the production and sale of polystyrene packaging made from EPS polystyrene (e.g. expanded polystyrene). Following the merger, Ónes will acquire 51% of the shares and Genevad Holding 49% of the shares in BEWI. Ósnes ehf. is engaged in fish farming and seafood processing, while Genevad Holding AB is a subsidiary of BEWiSynbra Group AB, whose purpose is to hold the companies belonging to the BEWiSynbra Group. BEWiSynbra's main activity is, on the one hand, the production of EPS polystyrene and, on the other hand, the production of polystyrene boxes and insulation material from EPS. Following an investigation, the Authority concludes that there are no grounds for action regarding this merger under Article 17 of the Competition Act No. 44/2005.