NORWAY: Approval given to Nordic Lunch acquisition
Konkurransetilsynet, Norway's national competition authority, has given the green light to Bama Gruppen, allowing the foods group to complete its negotiations to acquire the ready-to-eat meals company Nordic Lunch A/S from Synnove Finden.
Nordic Lunch had sales of EUR26.8m (US$34.64m) in 2006, generated from the firm's operations in Norway and Sweden. Nordic Lunch produces sandwiches, low calorie high protein snacks, baguettes and lunch packs distributed via supermarkets, specialised high street deli stores, cafes and canteens.
The sale price agreed for Nordic Lunch, including debt, is EUR13.2m.
The takeover process was halted last December when Konkurransetilsynet informed Bama that it would need to conduct a "full review" to examine the possible implications of a deal.
"Konkurransetilsynet's review has established that there are no serious competition concerns, and we can see no reason why the sale process can not continue," said Konkurransetilsynet in a statement.
- US food next wave on display at Winter Fancy Food
- Does Kraft Heinz want to swallow Unilever whole?
- Focus: Nestle CEO plan to balance sales, earnings
- Comment: Meal kits in US - don't believe the hype
- Wessanen eyes growth in "resurgent" organic market
- Unilever launches operational review
- Kraft Heinz pulls Unilever bid
- General Mills issues profit warning
- Kerry operating earnings strengthen on slow sales
- Glanbia focuses on nutrition with Irish dairy spin