"An appeal would be followed by long years of hearings, and such protracted uncertainty wouldn’t be good for Iki and Rimi. This deal has failed due to the Competition Council's decision. It will not take place, and today we are opening a new page," Rimi Lietuva CEO Giedrius Bandzevicius told the daily.
ICA Gruppen has no plans to turn to the competition watchdog one more time. The company also says its merger-related costs now stand at around 6 million euros, with fees for consultants and lawyers' fees making the major part of it. It's not a final sum.
The Competition Council blocked the Rimi Lietuva and Iki merger after the former failed to meet its commitment to sell 17 shops in six months. Rimi Lietuva provided to the Commission a list of potential buyers in the middle of March but the watchdog ruled the candidates did not match requirements.
Rimi Lietuva had planned to buy Iki operator Palink for 213 million euros from Germany's Rewe Group and other shareholders.
