Skeljungur hf.: Conditions on purchase of Basko fulfilled
On September 19th Skeljungur announced that the Competition Authority granted an exemption from Article 17(4) a of the Competition Act, allowing its merger with Basko to take immediate effect while under review.
In the notice it was also stated that the purchase was subject to other conditions being fulfilled. Those conditions have now been fulfilled and the merger was completed today. Skeljungur plans to operate Basko through a subsidiary. As stipulated by law the operation will be conducted in a manner allowing the merger to be unwound in the event of the Competition Authority’s review proving unfavorable.
For other terms relating to the merger we refer to our previous market announcements on the merger, dated 17 and 19 September respectively.
For further information please contact Árni Pétur Jónsson, CEO, .
Skeljungur is an energy company with operations in Iceland and in the Faroe Islands. Skeljungur sells fuel and oil to consumers and businesses in fisheries, agriculture, transportation, aviation and construction under the brands Skeljungur, Orkan and OrkanX. The company also sells fertilizer and other chemical products. In Iceland the Company runs 65 gas stations and 4 oil depots. Magn P/F, Skeljungur´s subsidiary in the Faroe Islands, runs 11 retail and gas-stations and 2 oil depots. Magn also serves and sells oils for house heating to individuals and companies in the Faroe Islands. Skeljungur´s goal is to serve the energy needs of consumers and businesses in an efficient and safe way and in harmony with the environment.
