Final approval for Finnish merger
By Sandy Guthrie29 January 2018
Final approval for the merger of Finnish contractors Lemminkäinen and YIT has been granted by the Finnish Competition & Consumer Authority (FCCA), and the deal should be completed on 1 February, 2018.
The FCCA had already said that it would approve the merger unconditionally. The Finnish Market Court had granted the FCCA an extension for investigating the merger until 26 January, 2018, and the FCCA had said it would issue its final approval decision on that date.
The boards of directors of Lemminkäinen and YIT agreed last June to combine the companies through a statutory absorption merger under the Finnish companies act.
As a result of the merger plan, Lemminkäinen will be merged into YIT so that all assets and liabilities of Lemminkäinen will be transferred to YIT without a liquidation procedure, and Lemminkäinen will be dissolved.
The extraordinary general meetings of both companies approved the merger on 12 September, 2017.
With the FCA’s final approval of the merger, Lemminkäinen and YIT have now received all required authority approvals for completing the merger.
The merger is intended to be completed on 1 February, 2018, provided that all the conditions required for the completion of the merger are fulfilled at that time.