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
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.