KESKO CORPORATION STOCK EXCHANGE RELEASE 24.05.2016 AT 14.00 1(2)
European Commission has granted Kesko permission to acquire Onninen
The European Commission has, for its part, approved the acquisition in which Kesko Corporation acquires Onninen Oy. The permission does not contain any conditions. As the Finnish Competition and Consumer Authority FCCA has already earlier approved the acquisition as regards Finland, all official permissions required for the completion of the acquisition have been obtained.
In its stock exchange release on 12 January 2016, Kesko Corporation announced that it would acquire the whole share capital of Onninen Oy from Onvest Oy. Onninen's steel business and Russian subsidiary are not included in the acquisition. On Kesko's request, the investigation of the acquisition as regards Finland was transferred from the European Commission to the Finnish Competition and Consumer Authority FCCA. The FCCA gave its permission to the completion of the acquisition on 20 April 2016.
The European Commission investigated the acquisition as regards the other countries, i.e. Sweden, Norway, Estonia, Latvia, Lithuania and Poland. In its decision issued on 24 May 2016, the European Commission approved the acquisition. The Commission did not impose any conditions on the completion of the acquisition. So all official permissions required for the completion of the acquisition have been obtained.
When completed, the new trading entity will offer full building and technical trade selections for both business and consumer customers. The acquisition will create an excellent platform for the growth of Kesko's building and technical trade in Finland and the rest of Europe. With the acquisition Kesko's business in HEPAC and electrical product groups will expand significantly and it will be able to provide better service especially to contractor customers. In addition, Kesko will gain new customer relationships from infrastructure and industry customer groups.
The completion of the acquisition is yet subject to the fulfilment of the other terms and conditions of the transaction. The acquisition is estimated to be completed in the first half of 2016.
Terho Kalliokoski, Kesko Executive Vice President and President for the home improvement and speciality goods trade division, tel. +358 105 320 200, email@example.com
Jukka Erlund, Senior Vice President, Chief Financial Officer, tel. +358 105 322 113, firstname.lastname@example.org
Lauri Peltola, Senior Vice President, communications, corporate responsibility and stakeholder relations, tel. +358 105 322 400, +358 505 705 606, email@example.com
Vice President, Group Communications
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