Lemminkäinen and YIT merger delay
By Sandy Guthrie12 December 2017
The Finnish competition and consumer authority has applied for an extension for the investigation into the merger of Lemminkäinen and YIT.
A decision was made earlier this year for the two Finnish contracting companies to combine through a statutory absorption merger.
Under the merger plan, Lemminkäinen will 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 approved the merger in September. The completion of the merger is still subject to, among other things, merger control approval from the Finnish Competition & Consumer Authority (FCCA).
With the FCCA’s investigation still pending, the authority has applied for an extension from the Finnish Market Court until 26 January, 2018.
If the Finnish Market Court grants the extension, the completion of the merger is likely to be delayed, so that completion will be possible on 1 February, 2018, at the earliest.
Lemminkäinen said that additional information will be published after the Finnish Market Court has given its decision on the matter.