ICA Gruppen receives stop notice from Norwegian Competition Authority with reference to strategic cooperation with Norgesgruppen.
M2 EQUITYBITES-February 13, 2014-ICA Gruppen receives stop notice from Norwegian Competition Authority with reference to strategic cooperation with Norgesgruppen
(C)2014 M2 COMMUNICATIONS http://www.m2.com
Operator of retail stores ICA Gruppen AB (STO:ICA.ST), announced today the issuance of an advance notice by the Norwegian Competition Authority informing the company that it intends to stop the cooperation agreement between ICA Norway and Norgesgruppen.
ICA and Norgesgruppen now have until 25 April 2014 to submit comments to the authority, after which the authority will announces its decision.
Reportedly, it is only possible to appeal once the authority has issued their decision. ICA commented that it has not yet decided whether to proceed to a higher court.
ICA Norway had entered into a strategic cooperation with Norgesgruppen within the areas of sourcing and logistics. The aim is to secure competitive prices and product range for ICA's customers and achieve long-term profitability.
((Comments on this story may be sent to firstname.lastname@example.org))