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Norway Fines VY Group For Incorrect Merger Filling

 |  March 12, 2020

The Norwegian Competition Authority (NCA) fined the VY Group 7.5 million NOK (US$739,899) for providing incorrect information in a merger filing.

The obligation to give correct and complete information to the Authority is essential in order for the Authority to be able to enforce the Competition Act, said Deputy Director Kjersti Bruaas at the NCA’s Department for Finance and Communication.

According to the Competition Act, the NCA may impose fines on undertakings which provide incorrect or incomplete information to the NCA.

The Vy Group and Fjord1 submitted a notification to the NCA on March 3, 2019 regarding the creation of a joint venture in the tourism industry and the acquisition of control of the tour operator Fjord Tours. In the notification, the VY Group stated that it could not get in a position to refuse competitors of Fjord Tours access to the Flåm Railway.

Full Content: Reuters

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