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THE OBLIGATION TO SELL THE SHARES OF AB „KELMĖS PIENINĖ“ REVOKED

27 05 2005

The Competition Council examined the application filed by UAB Vinvesta concerning the revocation of conditions and obligations imposed upon the company in respect of the concentration implemented thereby.

By its decision of 22 January 2004, the Competition Council had authorised A. Trumpa, UAB Pieno pramonės investicijų valdymas, UAB Survesta , UAB Snavesta to implement the concentration by acquiring up to 100% of shares of AB Rokiškio sūris and acquiring the joint control subject to conditions and obligations imposed upon the undertakings participating in the concentration. The most important of the obligations was imposed upon UAB Vinvesta through an stabled undisclosed timeframe to sell all the shares of AB Kelmės pieninė held thereby. The shares of AB Kelmės pieninė were to be sold to an undertaking, for the purpose of the Law on Competition not associated with UAB Vinvesta, UAB Snavesta, UAB Survesta, UAB Pieno pramonės investicijų valdymas and A. Trumpa. The obligation to sell the shares was imposed in view of the situation in the milk and dairy product markets, in particular the significant influence exercised by AB Rokiškio sūris, due to its major share in the market concerned, upon the price policy in the milk purchase market. The incorporation of AB Kelmės pieninė into the AB Rokiškio sūris group would have increased the economic power of AB Rokiškio sūris possibly resulting in the creation of a dominant position in the relevant milk purchase market or a significant lessening of competition therein.

In view of the decision passed by UAB Survesta and the associated persons to sell the major shareholding of AB Rokiškio sūris owned thereby A. Trumpa and UAB Pieno pramonės investicijų valdymas applied for an authorisation to implement concentration by acquiring up to 100% of shares of UAB Rokiškio sūris and acquiring a joint control. On 5 May 2005, the Competition Council authorised the concentration in accordance with the submitted notification. As a result of the transaction concluded on 12 May 2005, UAB Survesta and the associated persons lost the control over AB Rokiškio sūris and remained in possession of mere 9,99% of votes in the general meeting of shareholders of AB Rokiškio sūris without any additional rights of control in respect of the company; whereas A. Trumpa ir UAB Pieno pramonės investicijų valdymas jointly acquired a 56,92% shareholding. Having regard to the modifications in the structure of AB Rokiškio sūris shareholding, the Competition Council decided to revoke conditions and obligations previously imposed upon UAB Vinvesta to sell the shares of AB Kelmės pieninė in relation to the concentration implemented thereby.

Competition Council Spokesperson