Eimskip’s plan to takeover Nor Lines has hit a barrier following an objection from the Norwegian Competition Authority (NCA).
The Icelandic owner has 15 business days to present counter arguments and a final decision is expected after another 15 business days.
Eimskip was paying EUR 15m ($15.86m) for DSD-controlled Nor Lines, as it revealed late last year.
Five ships would be added to Eimskip’s fleet, one owned and four chartered.
Gylfi Sigfusson, president of Eimskip, said at the time: “The acquisition of Nor Lines is a large step in widening the service scope and strengthening the current services of Eimskip in Norway.”
Nor Lines, which has revenue of EUR 110m and 200 employees, has faced a challenging situation over several years and controlling shareholder DSD decided to sell the business.
Eimskip said it was evaluating its next steps with its legal advisors, following the notice from the NCA.
The investor relations manager of the company declined to comment when contacted by Tradewinds earlier this morning.
