December 9, 2022

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Sveaas involved in lawsuit after takeover failed - E24

Sveaas involved in lawsuit after takeover failed – E24

On Saturday, the Oslo Stock Exchange affiliate Instabank announced a lawsuit against Lunar Bank, now with main owner Kistefos in the lawsuit.

Kristin Svias is a leading investor in the Oslo Stock Exchange.
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At midnight on Friday, it became clear that Lunar had not received the necessary capital and that the billion-dollar acquisition of Instabank had faltered. On Saturday, Instabank CEO Robert Berg told E24 that he and three-quarters of shareholders had reported a lawsuit against Instabank.

Kistefos CEO Bengt A. Rem confirmed to E24 that Kistefos owned by Christen Sveaas was involved in the lawsuit. Kistefos owns approximately 25 percent of the shares in Instabank.

In a press release following the end of the acquisition, Lunar wrote, “It was not possible to obtain the necessary regulatory approval for the acquisition of Instabank.”

The necessary regulatory approval included Lunar receiving capital increase requirements from the Norwegian Financial Supervisory Authority, which had a deadline of October 1. Instabank shareholders believe Lunar could have raised the money if they wanted to.

– Robert Berg, told E24 on Saturday that the real reason they didn’t implement is that they regret it, and they don’t want to buy the bank.

Other investors involved in the lawsuit are Christian Valens, who is the company’s 10th largest owner and owns approximately 2.6 percent of the stock, shows an overview from data resource Infront.

Lunar reiterates to E24 on Sunday that they do not want to comment on the matter.