The Finnish Competition and Consumer Authority (FCCA) initiates further proceedings regarding the proposed merger in which Tibnor AB would acquire Ovako Metals Oy Ab.
Tibnor, part of the SSAB Group, and Ovako Metals, part of the Nippon Steel Corporation Group, engage in the wholesale distribution of flat stainless steels in Finland. Both parties distribute uncut stainless-steel sheets and plates, and Tibnor also offers preprocessing services, including stripping and cutting stainless steel coils to lengths. Additionally, the parties distribute other types of steel and metals in Finland.
Based on FCCA’s initial investigation, the acquisition may have adverse competitive effects in the market for the distribution of flat stainless steels in Finland. The acquisition combines two significant wholesalers of flat stainless steels, and preliminary investigations suggest that Tibnor will emerge as a clear market leader.
FCCA considers it important to continue investigating the competitive effects of the acquisition. As a result of the further proceedings, FCCA may approve the acquisition as such, approve it conditionally, or propose that the Market Court prohibit the deal. The further proceedings may take a maximum of 69 working days. The Market Court may extend the time limit by at most 46 working days.