THE COMPETITION COUNCIL AUTHORISED UAB INOVACINĖS TECHNOLOGIJOS AND AB VENTUS-NAFTA TO IMPLEMENT CONCENTRATIONS

1. The Competition Council passed the Resolution to authorise UAB Inovacinės technologijos to implement a concentration deal by acquiring a 100 percent holding of  UAB Jungtinė medienos kompanija according to the submitted notification.  The Competition Council established that the intended concentration will not create or strengthen any dominant position, or cause any significant lessening of competition in the relevant markets.  

The participants of the concentration transaction indicated that the acquisition of the 100 percent holding of the company UAB Jungtinė medienos kompanija constitutes part of the overall strategy of UAB Inovacinės technologijos designed to develop its operations in the Baltic region and the CIS states.  By implementing the concentration the company estimates an enhanced value or the UAB Jungtinė medienos kompanija and the companies controlled thereby, also the transaction will serve as a means to reduce costs by optimizing the operations of UAB Jungtinė medienos kompanija and the controlled companies, which eventually will result in higher yields.  UAB Jungtinė medienos kompanija manages the controlling interests of a number of companies involved in the production of wood boards (MDP), carcass furniture parts made of MDP and wooden bed parts of glued timber.  The intended concentration transaction will not change the nature or the concept of the operations of UAB Jungtinė medienos kompanija and other companies controlled thereby.

2. Public company Ventus-Nafta engaged in wholesale and retail trade in oil products authorised to implement concentration by acquiring an immovable property structure (a business in retail trade in fuels) - a gas station located at S. Kerbedžio 7, Panevėžys. The seller of the gas station is UAB Gelbera. The notification on concentration submitted to the Competition Council indicated that the purpose of the intended concentration is the expansion of the retail gas station network operated by Ventus-Nafta, therefore following the concentration the purpose of the immovable property being acquired will not change and the gas station will continue to operate as a retail fuel outlet.