Finns are buying Baltic car dealer

Lithuania's Competition Council has cleared the acquisition of Silberauto, an importer and dealer of Mercedes-Benz cars in Lithuania and Estonia, by Finland's Veho, the council said on Thursday.

Earlier this month, the deal was approved by Estonia's Competition Authority. The transaction still needs approval from Mercedes-Benz's owner Daimler.

Upon completion of the transaction, Veho would own 100 percent of Silberauto and 100 percent of Silberauto Estonia and, via the latter, will indirectly own 100 percent of Silwi Autoehituse Aktsiaselts.

Lithuania's Silberauto sells Mercedes-Benz, Unimog and Mitsubishi Center Fuso vehicles. It posted 269 million euros in a record turnover last year, and its net profit stood at 1.881 million euros.

Silberauto Estonia is the sole owner of Lithuania's Silberauto.