All posts in Corporate/Mergers and Acquisitions
Clarification on the mandatory merger filing obligation in the transition to new turnover thresholds in the Competition Act
According to the current Competition Act concentrations shall be notified to the Norwegian Competition Authority (“NCA”) if the undertakings concerned have a combined annual turnover in Norway exceeding NOK 50 million, and at least two of the said undertakings have an annual turnover in Norway exceeding NOK 20 million. From 1 January 2014 the turnover thresholds will be increased to NOK 1 billion (approximately 128 million euro) and NOK 100 million (approximately 12.5 million euro) respectively.
Norwegian politics take a turn to the right with new rightwing coalition government – new possibilities for many market players
On October 16, Norway’s Conservative Party leader Erna Solberg and Progress Party leader Siv Jensen presented a new minority goverment after winning the September 9 election with support from allies in the Parliament. The government took office on 12 noon October 16, with Solberg as Prime Minister and Jensen as new Minister of Finance. The coalition has presented a 75-page platform revealing how it plans to rule Norway over the next four years. Some highlights of particular interest for foreign market players are presented below.
Earlier this year, the Norwegian Parliament passed a resolution to amend the Norwegian company law, which came into effect from 1 July 2013. The main purpose of the changes was to simplify the legislation for companies with limited liability, thereby making it easier to conduct businesses in Norway.
Oslo Børs has analyzed the possible impact of reduced trading hours during the past twelve months. In a press release today, Oslo Børs announced that it will continue with the current opening hours for trading in equities. This means that the trading day for equities concludes with the closing auction at 16:25 CET.
Law firm Steenstrup Stordrange has contributed to the Corporate Governance Review 2013 by supplying the Norwegian chapter. The Review is published by Law Business Research Ltd and contains information about regulations and recommendations for corporate governance in 31 jurisdictions. The Norwegian chapter was authored by partners Terje Gulbrandsen and Odd Moe.