The merger had been notified retroactively (see press release of 18 July 2023). The AFCA cleared the acquisition by Oras Invest of more than 25% of the voting rights in Uponor with effect from 13 April 2023 since it raised no competition concerns.
The company has cooperated with the AFCA and the Federal Cartel Prosecutor and acknowledged the infringement. On 11 October 2023, the Cartel Court imposed a fine of EUR 85,000 on Oras Invest as requested by the AFCA. The decision is final.
Involved companies
Oras Invest is a Finnish holding company specialised in holdings in industrial companies.
The target company Uponor is an industrial company headquartered in Finland and engaged in the business fields of water, heating and cooling, as well as offering infrastructure solutions. Geographically speaking, the target company is mainly active in Europe and North America.
Illegal merger
Illegal mergers are mergers subject to notification obligations that are implemented without prior approval or in a manner that deviates from the approved transaction. The Cartel Court may impose fines for illegal mergers at the request of the AFCA.