St1 NORDIC CORPORATION COMPANY RELEASE, JUNE 23, 2016 AT 3:30PM EET
The Norwegian Competition Authority rejects proposed purchaser of St1 Norge AS
Pursuant to the acquisition of Norwegian Smart Fuels AS by St1 Nordic, the Competition Authority imposed an obligation to divest St1 Nordic's existing St1-branded fuel retail business in Norway i.e. St1 Norge AS. According to the decision made today by the Competition Authority, the proposed purchaser, Blue Energy Holding AS, does not meet the requirements for the transaction, in particular that the purchaser should hold the requisite financial resources and be independent of the seller to effectively compete on the fuel market. The Competition Authority considered that the partial vendor financing offered by St1 Nordic would compromise the economic independency of the buyer.
St1 Nordic Oy will continue the efforts to fulfill the Competition Authority's requirement to divest the 39 unmanned sites in question.
Further information:
CEO Kim Wiio, St1 Nordic Oy, +358 1055 711