Merger

Lemminkäinen and YIT plan to combine, creating one of the leading urban developers in Northern Europe.

The plan to combine the companies has on 12 September 2017 been approved in the Extraordinary General Meetings of both companies. The planned combination still requires approval by the Competition Authorities in our countries of operation. The completion of the merger is still subject to, inter alia, merger control approval from the Finnish Competition and Consumer Authority (“FCCA”).

The FCCA’s investigation on the merger of Lemminkäinen and YIT is still pending. The Finnish Market Court has on 13 December 2017 granted the FCCA an extension for handling the matter until 26 January 2018 as requested by the FCCA. During the extended investigation, the FCCA may approve the merger as such, attach conditions to the approval or request that the Finnish Market Court prohibit the merger. Due to the granting of the extension, the merger will likely be completed on 1 February 2018, at the earliest.

Even though we are preparing the combination, we will continue to operate as two independent listed companies as required by the competition law. We will participate in competitive biddings as separate entities, and we will keep in contact with our own customers, suppliers and partners independently. Additionally, all contracts and projects currently in force with our customers, partners and subcontractors will continue as planned.

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Updated 13 December 2017