Seadrill Limited is basically seeking annulment of the ruling made by the Stock Exchange Appeals Committee on December 12, 2006 in respect of the duty to make a mandatory offer based on consolidating the shareholdings Seadrill and Carnegie ASA. Seadrill's statement of claim also maintains that Seadrill, as an alternative to making a mandatory offer, should be able to avoid the mandatory duty by selling shares.
Although the ruling that Seadrill is seeking to overturn is a ruling by the Stock Exchange Appeals Committee, the proceedings assume that Oslo Bors is the appropriate defendant pursuant to the Stock Exchange Act. The Stock Exchange Act includes provision for the State to intervene in the proceedings as an accessory intervener and, by agreement with Oslo Bors, to take over the case.
The Stock Exchange Appeals Committee is a joint appeals committee for all stock exchanges and authorized marketplaces for transferable securities authorized pursuant to the Stock Exchange Act. The members of the Committee are appointed by the Ministry of Finance.
Oslo Bors takes note of the proceedings, and awaits the court hearing.
The ruling of the Board of Oslo Bors on February 28, 2007 that Seadrill shall pay a daily fine unless it makes a mandatory offer in accordance with the ruling by the Stock Exchange Appeals Committee is not affected by these proceedings.
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