Linas Agro Group

The Competition Council of Latvia has adopted a resolution allowing Linas Agro Group to implement the concentration and acquire the companies belonging to KG Group. The decision was made by the Latvian Competition institution after examining an application received on 20th January 2021 from AB Linas Agro Group about the intention to acquire AB Kauno Grūdai, AB Vilniaus Paukštynas, AB Kaišiadorių Paukštynas and related companies.

The Competition Council of Latvia states in their decision that the market, where Lithuanian groups of enterprises are operating is larger than the territory of Latvia, therefore, the acquisition will not substantially change the structure of the Latvian market, reduce competition or strengthen the dominant position of the companies involved.

AB Linas Agro Group has signed share purchase agreements for acquisition of controlling stakes in AB Kauno Grūdai, AB Kaišiadorių Paukštynas, AB Vilniaus Paukštynas and related companies on 2nd October 2020.

The decision of the Lithuanian Competition Council regarding the implementation of the concentration is still to be made. For the transaction to go ahead, it must also be approved by the competition authorities in Russia, Poland and Estonia.

About AB Linas Agro Group

AB Linas Agro Group, together with its subsidiaries makes the Group of Companies established in 1991 and operates in four countries - Lithuania, Latvia, Estonia and Ukraine.

All companies within the Group employ more than 2,100 people. The consolidated revenue of the Group during the previous financial year (2019/2020) amounted to 658 million euros.

The companies of the Group produce, handle and merchandise agricultural and food products, also provide products and services for farming. The Group is the leading exporter of Lithuanian and Latvian grain and has own network of 13 grain elevators. It is also one of the leaders in supplies of agricultural inputs (such as certified seeds, fertilizers and agricultural machinery) in Lithuania and has a seed processing plant. The Group owns seven agricultural companies in Lithuania and is a major milk producer. It is the biggest poultry producer in Latvia and has four poultry companies there: AS Putnu fabrika Kekava, CIA Lielzeltini, SIA Broileks, SIA Cerova.

Mažvydas Šileika, Finance Director of AB Linas Agro Group
Mob. +370 619 19 403
E-mail m.sileika@linasagro.lt

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.