Norwegian Competition Authority rejected the counter proposal of Eimskip for the acquisition of its Norwegian shipping and logistics rival Nor Lines, due to increasing dominant position of the Icelandic company on the transportation of frozen fish in North Norway, which will lead to more extended services to importers and exporters in the Norwegian market. The Antitrust Authority already blocked the acquisition deal in end of February, but Icelandic company has 14 days for appeal and counter proposal. After expiration of the deadline, the Norwegian Competition Authority confirmed its decision to reject the deal.
“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”, said the President of CEO of Eimskip, Gylfi Sigfusson
Following the blocked acquisition, Eimskip will seek for other options in developing and strengthening its operations in Norway.
Eimskip the oldest shipping company in Iceland. The company has services connecting Iceland with Greenland, Canada, Scandinavian countries and Western Europe. 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.