Sunweb owner Triton reached an agreement two years ago about the acquisition of Corendon for 146 million euros, but suddenly decided against it last year. According to Sunweb, this was because Corendon had not met all the requirements. Corendon believed that this was an opportunity argument to get out of the deal when the travel sector was hit hard by the coronavirus outbreak.
The Human Environment and Transport Inspectorate (ILT) would have to provide two written confirmations about the consequences of the merger before the takeover could go through. Sunweb says this didn’t happen. According to the judges, there is a good chance that this argument will be upheld in proceedings on the merits, the judge thought. The correspondence with the ILT leaves too much unclear to be sure that Corendon has met all the conditions, according to the court.
In summary proceedings, the judge had ruled that a forced takeover would be too heavy a means due to the corona crisis. That judge ruled that Corendon had met all the conditions for the takeover to go through.
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Sunweb does not have to take over from judge Corendon | Financial
Source link Sunweb does not have to take over from judge Corendon | Financial