Nordic Business Report-November 22, 2006-Icelands Innnes completes Haugen-Gruppen takeover (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com Icelandic wholesale company Innnes Ltd and co-investors have completed the takeover of Norwegian wholesale and distribution company Haugen-Gruppen, Icelandic Financial News (IFN) reported on Wednesday (22 November). Haugen-Gruppen was sold by R. Twinings & Co, owned by Associated British Foods. Among the co-investors are companies owned by Olafur Bjornsson, Innnes chief executive and largest shareholder. Innnes is considering selling Haugen-Gruppens properties to Bjornssons property company, according to IFN sources. Innnes marketing manager, Marino Marinosson, says that with the acquisition Innnes is planning to build a leading Nordic wholesale and distribution company offering a complete solution to suppliers. Innnes said the company is looking into expansion in Finland. Haugen-Gruppen operates in Norway, Denmark and Sweden, and the companys management will remain unchanged following the takeover. ((Comments on this story may be sent to [email protected]))