KESKO CORPORATION STOCK EXCHANGE RELEASE 24.11.2016 AT 17.00 1(1)
The Finnish Competition and Consumer Authority (FCCA) approves AutoCarrera's acquisition by Kesko
The Finnish Competition and Consumer Authority (FCCA) has approved the acquisition of Oy Autocarrera Ab by Kesko Corporation's subsidiary VV-Auto Group Oy.
In its decision on 24 November 2016, the FCCA approves the transaction whereby Kesko acquires the whole share capital of Oy Autocarrera Ab. The approval is not subject to any conditions.
On 14 November 2016, Kesko Corporation announced in a stock exchange release that it acquires the whole share capital of AutoCarrera. The car trade is one of Kesko's strategic growth areas. The acquisition expands VV-Auto's cooperation with Volkswagen AG. Currently VV-Auto is responsible for the import of Volkswagen, Audi, SEAT and MAN and it operates as a significant car retailer at its own outlets in the Greater Helsinki area and Turku. The addition of Porsche to the selection will increase sales and improve the profitability of the car trade.
Kesko aims to complete the acquisition within the year 2016.
Pekka Lahti, EVP, car trade division, tel. +358 50 383 7663, email@example.com
Lauri Peltola, EVP, communications, corporate responsibility and stakeholder relations, tel. +358 105 322 400, +358 505 705 606, firstname.lastname@example.org
Jukka Erlund, EVP, Chief Financial Officer, tel. +358 105 322 113, email@example.com
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Source: Kesko Oyj via Globenewswire