The Norwegian Antimonopoly Authority did not agree on Eimskip’s deal to buy Norwegian company Nor Lines AS because of the threat of competition, according to a statement by the Icelandic shipping group.
“I am very disappointed by this decision of the antimonopoly authority,” commented the head of Eimskip Gilfi Sigfusson, noting that he considers this understanding of the market to be narrow and short-sighted.
The statement notes that the company will look for other opportunities to expand its business in Norway.
Eimskip signed an agreement on the purchase of Norwegian shipping and logistics company Nor Lines in November last year. The Nor Lines network includes 60 terminals linking sea and inland shipping routes. Fourteen terminals operated directly by the company are connected by a network of 50 direct shipping services. Nor Lines operates a fleet of seven vessels, five of which were to enter into a deal with Eimskip to strengthen the network of the combined company serving transportation between Norway, continental Europe and the Baltic Sea region.
Eimskip recently aggressively invests in business development. In addition to the transaction with Nor Lines, the company recently acquired 90% of the Dutch logistics company Extraco Internationale Expeditie B.V. And 80% of the Belgian company Mareco N.V., specializing in the organization of logistics for refrigerated cargo, has entered into a strategic partnership agreement with the Royal Arctic Line of Greenland. At the same time, the company said that it plans further acquisitions and investments in fleet development in order to increase its market share.