Bama Gruppen (Bama) has suspended negotiations to acquire the Norway-based Nordic Lunch following the intervention of Norway’s competition authority, Konkurransetilsynet.
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Konkurransetilsynet instructed Bama to suspend negotiations to acquire Nordic Lunch from Synnove Finden until the authority conducted a “full review” and market impact study of the acquisition, including a “full disclosure” underlining the reasons for the takeover and the probable impact on relevant consumer market segments in Sweden and Norway.
Synnove Finden said that it had reached a provisional agreement to sell Nordic Lunch to Bama for a cash consideration of EUR13.1m (US$17.3m).
“We were surprised when Konkurransetilsynet requested Bama to submit for review a full disclosure of the deal. We have now suspended the acquisition process, in agreement with Synnove Finden, and with the intention of resuming discussions after the competition authority completes its review. We will be cooperating in every way with the competition authority,” said Bama’s CEO Rune Flaen.
Nordic Lunch supplies freshly made foods, including sandwiches, hot and cold lunch packs and baguettes to the supermarket, convenience store, café, corporate canteen and deli market sectors in Norway and in Sweden. The company has projected revenues of EUR31m in 2005.
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By GlobalDataBama is Norway’s leading supplier of fresh fruit and vegetables. The company had revenues of EUR689m in 2005.
