As is known, Seadrill issued civil proceedings against Oslo Bors claiming that the Stock Exchange Appeals Committee's decision of December 12, 2006 is invalid. The Committee ruled that Seadrill had a duty to make a mandatory offer for shares in Eastern Drilling for reasons of consolidation.
"We are satisfied that the Court has affirmed our view that consolidation did apply and Seadrill had a duty to make a mandatory offer for shares in Eastern Drilling. Oslo Bors is concerned to see that the rules on mandatory offers and protection of minority shareholders maintain a high standard in order to ensure effective protection for minority shareholders in a takeover situation", comments Bente A. Landsnes, President and CEO of Oslo Bors.
The Oslo District Court ruling will be available (in Norwegian) on the Oslo Bors website from December 4th.
Most Popular Articles