Acquisition of Nor Lines Rejected
The Norwegian Competition Authority has today rejected Eimskip’s acquisition of the Norwegian shipping and logistics company Nor Lines AS. The result of this decision is that Eimskip is not allowed to acquire Nor Lines.
The potential acquisition of Nor Lines was not taken into account in the EBITDA forecast for the year 2017, and therefore this decision has no effect on that forecast. Acquisition cost in year 2017 related to this project is estimated EUR 300,000 which will be expensed in the first quarter 2017.
Eimskip will seek other options in developing and strengthening its operations in Norway for the benefit of our customers. If the acquisition had been approved that would have led to more extended services to importers and exporters in the Norwegian market.
Gylfi Sigfússon, President and CEO: “I am very disappointed with this decision as the Norwegian competition authority defined the market in a very narrow way and consider Eimskip market leading in transportation of frozen fish in North Norway. It is my opinion that they made a mistake with this narrow minded decision.”
Eimskip is a leading transportation company in the North Atlantic with connections to international markets and is specialized in worldwide freight forwarding services, with the vision of providing excellence in transportation solutions and services.
Eimskip was founded in 1914 and is a publicly traded company with its shares listed at Nasdaq Iceland. The company runs a network of 60 offices in 20 countries, operates 21 vessels and has around 1,700 employees.
