Festi hf.: Settlement negotiations with the Icelandic Competition Authority
30 October 2024 - 4:55AM
UK Regulatory
Festi hf.: Settlement negotiations with the Icelandic Competition
Authority
The Icelandic Competition Authority has been
investigating alleged violations by Festi hf. of the terms of the
settlement that the company entered into with the Icelandic
Competition Authority on 30 July 2018 regarding a merger with
Hlekkur ehf. (then named Festi hf.) and Articles 17 and 19 of the
Competition Act No. 44/2005. The investigation reaches back to year
2018.
Article 17 (f) of the Competition Act states
that if a company has violated the provisions of the Act, the
Competition Authority is authorised to conclude the matter with a
settlement agreement.
Festi hf. has requested formal discussions with
the Icelandic Competition Authority on whether it is possible, with
reference to Article 17 (f) of the Competition Act, to conclude the
Authority's investigation of the company's alleged violations with
a settlement.
The Competition Authority has agreed to initiate
settlement negotiations with Festi hf. and they will conclude
whether there are grounds for concluding the investigation with a
settlement.
Settlement negotiations seek means to respond in
an acceptable manner to the actions of Festi hf. described in the
Competition Authority's objection document of 20 December 2023. If
a conclusion is reached in the settlement negotiations, it will
entail the final conclusion towards Festi hf. of the investigation
and procedure described in the Competition Authority's objection
document. Festi hf. is aware that the outcome of the case may mean
that the company will be subject to payment of a fine.
This announcement is published by Festi hf.
and contains information that was considered inside information
within the meaning of Article 7 of Regulation (EU) No. 596/2014 of
the European Parliament and of the Council on Market Abuse (MAR),
cf. Act No. 60/2021, on Measures against Market Abuse, regarding
the Icelandic Competition Authority's investigation described
above. This announcement is made by Solvi Davidsson, the
company’s compliance officer, in accordance with the company's
disclosure obligations according to MAR and Article 2 of Commission
Implementing Regulation (EU) 2016/1055.
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