Norway

Hafslund’s shareholders approach district court

 Hafslund has 1,500 shareholders and they want to know how much they will receive for their shares. Case is taken to the district court today.
Hafslund’s biggest share stakes are with municipality of Oslo and Finnish power company Fortum, together they control 90% of the shares. In April last year, it was announced that the partners will be separated and minority shareholders will be able to redeem their shares.

The offer from the municipality was NOK 96.75 per share, but around 1,500 minority shareholders have chosen to decline the offer because they believe the shares are worth more. Sparebank 1 Markets concluded in its valuation last year that the value per share is NOK 139 and NOK 168 if it is based on expected future cash flows.

In November last year, Dagens Næringsliv wrote that the law firm BA-HR had submitted a request for legal judgment to Oslo District Court on behalf of its client Oslo Energi Holding, which is the company that formally promoted the offer to shareholders.

Monday this week starts the case in Oslo District Court. It is set for three weeks for treatment.

If the court finds Hafslund worth the $ 168 share, it will mean an extra bill of over NOK 1 billion for Oslo municipality and Fortum.

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