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Competition Authority Revokes Infringement Fee On NorgesGruppen

Published on Mar 16 2021 11:59 AM in Retail tagged: Norway / Acquisition / Real Estate / NorgesGruppen / Norwegian Competition Authority

Competition Authority Revokes Infringement Fee On NorgesGruppen

The Norwegian Competition Authority has revoked its decision to impose an infringement fee of NOK20 million (€1.98 million) on NorgesGruppen, the company has announced.

The fee was imposed for breach of duty to provide information related to the purchase of the real estate company Sædalssvingene 3 in Bergen in 2018.

Coop rented the premises and operated its grocery store, with an unconditional right to continue renting until 2038.

Stein Rømmerud, executive vice-president of communications and public relations at NorgesGruppen, commented, "We are satisfied with the decision from the Norwegian Competition Authority. We have always believed that we have not violated the duty to provide information in this case."

Disclosure Obligation

The disclosure obligation did not cover the acquisition because NorgesGruppen did not take over the grocery business operating on the premises.

'There is nothing in the Norwegian Competition Authority's order on the duty to provide information that indicates that the Norwegian Competition Authority wants information on the purchase of property or real estate companies, unless NorgesGruppen also takes over the grocery business on the premises,' the company said in its statement.

The acquisition of Sædalssvingene 3 was a long-term real estate investment for NorgesGruppen, not the acquisition of a grocery store, it added.

© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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