NORWAY Trends and Developments Contributed by: Elin Moen, Arne Torsten Andersen, Helge Stemshaug and Beret Sundet, BAHR
Infomedia and Retriever filed a merger notifica - tion on 28 January 2025 and the NCA’s case proceeded to a Phase II review on 4 March 2025. On 12 May 2025, the NCA issued an SO indicat - ing its intention to prohibit the transaction. At the time of writing, no final decision has been made. If the NCA ultimately prohibits the merger, the parties will be required to unwind the merger and any steps already taken to implement it. Additional disclosure requirements in focus markets In addition to its call-in powers, the NCA also has the power to impose disclosure requirements on specific companies active in markets the NCA regards as high-risk for anti-competitive effects. Under these orders, companies must inform the NCA of mergers and acquisitions, even if these deals fall below statutory notification thresholds. Failure to comply has led to sanctions in multiple instances, reflecting the seriousness with which the NCA polices these obligations. The NCA’s approach in recent years indicates that the scope of these disclosure orders is growing, with more companies and sectors being placed under reporting requirements. The list now covers companies active in electricity, groceries, waste management and more. There is also a gradual expansion of the types of transactions covered by the disclosure require - ments, with several companies obliged to dis - close minority acquisitions, and the wording of the requirement becoming broader, including covering targets with “plans to offer” services to users in Norway. Most recently, and following the prohibition decision described above, the NCA imposed a duty of disclosure on Norva24 Hold - ing AS and other companies in the same group. The NCA’s use of its call-in powers and grad - ual extension of the disclosure requirements,
shows a clear desire to close potential enforce - ment gaps in small or rapidly evolving markets, ensuring that the NCA can anticipate and assess transactions in specific sectors as well as less conventional or early-stage deal structures. Legislative Developments Modernising the Norwegian Competition Act The Competition Act turned 20 years old in 2024, and it is more than ten years since it was last revised. In September 2024, the Ministry of Trade, Industry and Fisheries established a legis - lative committee to evaluate and modernise the Competition Act. The committee is comprised of lawyers and economists, both academics and practitioners, and includes the NCA’s Chief Economist. According to the press release announcing the launch of the committee, the “committee will conduct a comprehensive revision of the Act, aiming to simplify and modernize the regula - tions in light of case law, EU/EEA requirements, and broader societal developments”. Regard - ing merger control in particular, the committee’s mandate includes assessing the following. • “Whether changes or adjustments should be made to the procedural rules in merger cases, including deadline rules and notification requirements. • Whether there should be an extended obliga - tion to provide reasons when the Competition Authority closes a case in Phase II without intervention. • Whether legislative amendments should be made to safeguard particular societal con - cerns (considerations of national security, other geopolitical concerns, green transition, etc) in the handling of mergers.”
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