Approval for Lemminkäinen YIT merger
By Sandy Guthrie16 January 2018
The Finnish Competition & Consumer Authority (FCCA) has said that it will approve the merger between Lemminkäinen and YIT unconditionally.
The Finnish Market Court had granted the FCCA an extension for investigating the merger until 26 January, 2018, and the FCCA will issue its final approval decision on that date.
Lemminkäinen said it would separately make a disclosure on the decision then.
Once the FCCA has given its final approval decision, Lemminkäinen and YIT will have received all the required authority approvals for completing the merger. Lemminkäinen and YIT intend to finalise the deal on 1 February, 2018, provided that all the conditions required for the completion of the merger are fulfilled at that time.
The two Finnish construction companies agreed in June 2017 to combine through a statutory absorption merger under the Finnish Companies Act. The plan is for Lemminkäinen to be merged into YIT, so that all assets and liabilities of Lemminkäinen will be transferred without a liquidation procedure to YIT, and Lemminkäinen will be dissolved.
The Extraordinary General Meetings of Lemminkäinen and YIT in September 2017 approved the merger.