AB Linas Agro Group has received permission from the Lithuanian competition authorities to acquire commodity trading company
On October 12, 2021, Lietuvos Respublikos Konkurencijos Taryba (the Competition Council of the Republic of Lithuania) cleared the acquisition of 100 % shares of the company UAB Agro logistic service by AB Linas Agro Group.
Previously, on September 14, AB Linas Agro Group has applied to the Competition Council of the Republic of Lithuania for approval of the transaction. Later the company decided to apply to the Office of Competition and Consumer Protection of Poland to get their clearance of the transaction.
UAB Agro Logistic Service is a trading company that successfully trades in Western European markets. It is a strategic partner of KG Group companies in the feedstuff trading business.
“We are pleased with the quick decision of the Competition Council of the Republic of Lithuania. We have applied to the Office of Competition and Consumer Protection of Poland just in case, so we hope that there will be no obstacles to the transaction. We are likely to have a solution in our favor by the end of 2021,” said Mažvydas Šileika, Finance Director of AB Linas Agro Group.
UAB Agro logistic service has 10 employees; its revenue exceeded 33 million euros in 2020. The company sells goods in the Czech Republic, Poland, Latvia, Estonia, Italy, Germany, Finland, Norway, Denmark, Russia, Belarus, Uzbekistan, and Tajikistan.
About AB Linas Agro Group
AB Linas Agro Group is the largest agribusiness and food production group in the Baltic States, the shares of which are traded on the Nasdaq Vilnius Stock Exchange. The group of companies operates in the production and trade of agricultural raw materials and food products and supplies goods and services to farmers.
Linas Agro Group owns 74 companies operating in the Baltic States, Ukraine, Poland, Russia, Belarus, and the Netherlands and employs over 5,600 people.
The Group's financial year begins on July 1. The consolidated revenue of the Group for the financial year 2020/2021 amounted to EUR 942 million, and net profit was EUR 14.2 million.
In mid-July this year, Linas Agro Group acquired controlling stakes in AB Kauno Grūdai, AB Kaišiadorių Paukštynas, AB Vilniaus Paukštynas, and related companies and became the largest agribusiness and food group in the Baltic States.
Additional information will be provided by:
Mažvydas Šileika, Finance Director of AB Linas Agro Group
Mob. +370 619 19 403