Competition, Latvia, Legislation, Lithuania, Markets and Companies, Mergers and take-overs

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 18:53

Latvian Competition Council fines Lithuania's Vaizga for unreported takeover

BC, Riga, 26.10.2018.Print version
The Latvian Competition Council has imposed a 57,419 euros fine on Vaizga, a Lithuanian chemicals and electricity production and gas station, motel and land lease group, for a failure to report a takeover deal, informs LETA referring to the council’s spokeswoman Paula Vilsone.

Vilsone informed that in April 2018 the Competition Council gave Vaizga permission to gain a controlling interest in the Latvia-based company Petrol Property, but since Vaizga had submitted the takeover report after the deal had already been closed, an infringement procedure was started over unreported takeover.


Vaizga holds an indirect controlling interest in Viada Baltija, which sells fuel at several filling stations in Latvia. Viada Baltija and Petrol Property operate in vertically connected markets, namely, fuel retail and real estate markets.


According to information available at Firmas.lv, in May 2017 Vaizga acquired a 71% stake in Petrol Properties whose co-owners also include Lithuanian company Joruna (20%), Romas Turlinskas (5%) and Remigijus Grigaliunas (4%).


Petrol Property closed 2017 with 3.34 mln euros in turnover and a profit of 1.784 mln euros.

 

 






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