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Festi hf.: Settlement negotiations with the Icelandic Competition Authority

Written by Customer Service on . Posted in Public Companies.

The Icelandic Competition Authority has been investigating alleged violations by Festi hf. of the terms of the settlement that the company entered into with the Icelandic Competition Authority on 30 July 2018 regarding a merger with Hlekkur ehf. (then named Festi hf.) and Articles 17 and 19 of the Competition Act No. 44/2005. The investigation reaches back to year 2018.

Article 17 (f) of the Competition Act states that if a company has violated the provisions of the Act, the Competition Authority is authorised to conclude the matter with a settlement agreement.

Festi hf. has requested formal discussions with the Icelandic Competition Authority on whether it is possible, with reference to Article 17 (f) of the Competition Act, to conclude the Authority’s investigation of the company’s alleged violations with a settlement.

The Competition Authority has agreed to initiate settlement negotiations with Festi hf. and they will conclude whether there are grounds for concluding the investigation with a settlement.

Settlement negotiations seek means to respond in an acceptable manner to the actions of Festi hf. described in the Competition Authority’s objection document of 20 December 2023. If a conclusion is reached in the settlement negotiations, it will entail the final conclusion towards Festi hf. of the investigation and procedure described in the Competition Authority’s objection document. Festi hf. is aware that the outcome of the case may mean that the company will be subject to payment of a fine.

This announcement is published by Festi hf. and contains information that was considered inside information within the meaning of Article 7 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council on Market Abuse (MAR), cf. Act No. 60/2021, on Measures against Market Abuse, regarding the Icelandic Competition Authority’s investigation described above. This announcement is made by Solvi Davidsson,  the company’s compliance officer, in accordance with the company’s disclosure obligations according to MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055.

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