KESKO CORPORATION STOCK EXCHANGE RELEASE 20.04.2016 AT 13.15 1(1)
The Finnish Competition and Consumer Authority (FCCA) has approved the acquisition of Onninen Oy as regards Finland
The Finnish Competition and Consumer Authority (FCCA) has approved the acquisition of Onninen Oy by Kesko Corporation as regards Finland. The permission does not contain any conditions. The acquisition is yet subject to the approval of the EU Commission as regards the other countries included in the arrangement.
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 would not be included in the acquisition. The investigation of the acquisition as regards Finland was transferred from the EU Commission to the FCCA. The Commission is investigating the acquisition as regards Sweden, Norway, Estonia, Latvia, Lithuania and Poland. In that regard, the investigation is still in progress.
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.
Moreover, the completion of the acquisition is subject to the approval of the EU Commission and the fulfilment of the other terms and conditions of the transaction. The acquisition is estimated to be completed during the first half of 2016.
Terho Kalliokoski, Executive Vice President and Senior Vice 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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