Ferry News Archive
Finland approves Tallink's Silja ferries buy
Date: 12 Jul 2006 00:00 Source: ReutersFinland's competition watchdog has approved Baltic ferry operator Tallink's purchase of rival Silja Line from Sea Containers, it said on today.
The takeover would not create such a dominant position in the Finnish market that it would stop competition, the Competition Authority said in a statement on its Web site.
"We studied their (Tallink's and Silja's) cruises, routes and traveller services and concluded that they did not clearly overlap, as SuperSeaCat (fast ferries) were not included in the deal," Leena Passi, the Finnish Competition Authority's head of research, told Reuters.
The Competition Authority is expected to give more details of its assessment of the market within two weeks.
The Estonian authorities have already approved the deal and Sweden is expected to hand down its ruling by the end of next week.
Tallink said on June 12 it had agreed to buy Silja Line from Sea Containers in a 470-million-euro ($599 million) cash-and-shares deal, subject to regulatory approval.
Tallink is the market leader in services between Estonia and Finland, Estonia and Sweden and Latvia and Sweden, while Silja has a leading position between Finland and Sweden.
The Tallink-Silja deal excludes the SuperSeaCat fast ferry services between Helsinki and Tallinn, which will continue to be operated by Bermuda-registered Sea Containers.
Finnish ferry operator Viking Line lost out to Tallink in the Silja auction.
Norwegian shipping investment firm NorFerries said on Tuesday it would still be keen to buy Silja Line if regulators were to block the Tallink deal.
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