The Financial Supervisory Authority of the Central Bank of Iceland on Tuesday granted Samherji Holding, a company affiliated with Samherji, an exemption from a mandatory bid obligation for Icelandic shipping company Eimskip.

"Given the current situation across financial markets, both in Iceland and the world, the conditions for exemption in the Icelandic Act on Securities Transactions are fulfilled," Samherji said in a statement.

Samherji Holding increased its share position in Eimskip on March 10 by 3 percent to 30.11 percent, prompting a mandatory takeover offer.

Under normal circumstances Samherji Holding would have been required by law to make an offer to other shareholders in Eimskip within four weeks.

In 2018, the foreign operations of Samherji were moved into a seperate holding company, Samherji Holding. At the time of the demerger, the shareholders of the two companies were the same.

The Icelandic and Faroese operations are in Samherji hf. and European, American and African operations within Samherji Holding ehf.

Eimskip is one of the oldest shipping companies in Iceland, founded in 1914, with transport lines all around the world.