AS Fiskevegn has called for a share purchase deal, that would see a rival business become a parent company, to be annulled.
The Norwegian fishing gear manufacturer received a notification on 14 May that Mustad Autoline AS had taken over all of the shares in Vetrhus Holding AS (now Mustad Sealine AS), which owns 50 percent of the shares in Fiskevegn.
“The board of AS Fiskevegn has decided to give feedback to Mustad Autoline AS and Mustad Sealine AS that the board, based on the company’s statutes, cannot consent to Mustad Autoline’s share acquisition of shares in Vetrhus Holding as this is in fact must be treated as an acquisition of shares in AS Fiskevegn. AS Fiskevegn has thus demanded that immediate action be taken to reverse the purchase,” the company said in a statement.
“The board has concluded that it is not desirable for AS Fiskevegn to have one of their main competitors as owners with a 50 percent stake," the company said. "This raises many legal dilemmas, and it would be very challenging to realize and significant business synergies within the strict confines of applicable competition laws.”
Fiskevegn’s board, management and employees would continue to consider Fiskevegn and Mustad Autoline as independent companies and competitors, it said.
