TWO FINNISH-BASED CONSTRUCTION COMPANIES RECEIVED MERGER CLEARANCE

The Competition Council cleared the merger of the Finnish-based companies active within the construction industry Lemminkäinen Oyj and YIT Oyj.

On September 25 the Competition Council received merger notification. Having evaluated the circumstances related to the transaction, the Council acknowledged that the intended merger will not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.

Due to the fact that both companies manage the undertakings acting in Lithuania, and the income of those undertakings exceeds the thresholds enshrined in the Law on Competition, the representatives of the Finnish companies had to receive merger clearance not only from the Finnish, but also from the Lithuanian Competition Council.

The intended merger must be notified to the Competition Council and clearance must be obtained if the combined aggregate income of merging parties in the business year preceding the merger exceeds EUR 14.5 million and the aggregate income of each of at least two merging parties in the business year preceding the merger exceeds EUR 1.45 million.