ISP leaves Cargill's application under the UDI Act without action
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
Nordic Iron Ore AB ("Nordic Iron Ore" or the "Company") and Cargill Inc. ("Cargill") have previously entered into a financing agreement which was announced on 12 July 2023 and an amendment agreement which was published on 26 April 2024 due to the UDI Act that requires notification in the case of certain foreign direct investments. ISP has today, 13 June, 2024, announced that they are leaving Cargill's application without action, i.e. there is no obstacle for Cargill to own more than 10% of the shares in Nordic Iron Ore following the upcoming capital raise.
On April 26, 2024, Cargill, Incorporated filed a notification of foreign direct investment (ISP) with the Inspectorate of Strategic Products under the Foreign Direct Investment Review Act (2023:560).
According to Section 14 of the UDI Act, the ISP must decide within 25 working days from the completion of the notification to either submit the notification without action or initiate an investigation of the investment. An investment may only be carried out if it has been left without action or approved after review. A notification must be submitted without action unless there is reason to believe that it is a foreign direct investment that could have a detrimental effect on Sweden's security or on public order or public security in Sweden, according to Section 19 of the UDI Act.
ISP has assessed that there is no reason to assume that the investment in question is a foreign direct investment that could have a detrimental effect on Sweden's security or on public order or public security in Sweden. The report is therefore submitted without action.