DANISH COMPANY RECEIVES MERGER CLEARANCE

The Lithuanian competition authority Konkurencijos taryba cleared the acquisition of 50 per cent of UAB Farmers Circle Danish shares and joint control by the Danish investment company ASGAARD together with the Danish company IDAVANG.

On 30 August 2018 Konkurencijos taryba received merger notification. Having evaluated the circumstances related to the transaction, Konkurencijos taryba acknowledged that the intended merger would not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.

In Lithuania undertakings related to the Danish investment company ASGAARD are mainly engaged in real estate development and management, as well as restaurant activities.

IDAVANG is a holding company registered in Denmark. Undertakings related to IDAVANG are breeding and selling pigs in Lithuania, Latvia, Poland and Hungary.

Farmers Circle is not conducting any business activities at the moment. In the future the company is going to engage in eco-farming – breeding and selling cattle (cows and bulls) and sheep, vegetables, fruits and quality products.

The intended merger must be notified to Konkurencijos taryba and clearance must be obtained if the combined aggregate income of merging parties in the business year preceding the merger exceeds EUR 20 million and the aggregate income of each of at least two merging parties in the business year preceding the merger exceeds EUR 2 million.