JBT receives interna­tional clearance for Marel acquisi­tion

JBT has officially announced that it has received all necessary regulatory clearances worldwide to complete its proposal to acquire Marel hf. This milestone paves the way for finalizing the transaction, marking a significant step for both companies in the food processing industry.

After a thorough review, the European Commission concluded on November 26th 2024 that the acquisition does not raise competition concerns. The combined entity will have a limited impact on the markets in which it operates. The transaction was therefore approved under the standard merger review procedure.

Approval from regulatory authorities worldwide

On 24 June 2024, JBT made a voluntary public takeover offer to Marel’s shareholders, in accordance with Icelandic takeover regulations. This offer was approved by the Financial Supervisory Authority of the Central Bank of Iceland. In the following months, JBT obtained all necessary approvals from regulatory authorities worldwide. On 26 November 2024, the European Commission granted clearance at the end of its Phase 1 review. Additionally, on 22 November, the Australian Competition and Consumer Commission confirmed that it did not oppose the transaction.

Adjustment to the settlement period

JBT has decided to extend the settlement period for the offer to five business days following the expiration of the offer period, instead of three. The offer period will now close at 12:00 noon GMT on 20 December 2024. This adjustment aims to ensure a safe and smooth settlement process for Marel’s shareholders. The transaction is expected to be completed no later than 3 January 2025, taking into account bank holidays in the Icelandic market.

Unanimous support from Marel’s board

Marel’s board of directors continues to fully support the acquisition. Following a review of the amended terms, the board confirmed that these changes have no adverse effect on its initial recommendation to accept the offer. The board remains convinced that the transaction will have a positive impact on Marel and its employees. Shareholders are advised to accept the offer.

The completion of this strategic merger is expected to create new opportunities for growth and innovation in the food processing industry.

Marel.com