The Orkla Group has sent a letter to shareholders in Jotun AS offering to buy their A shares at a price of NOK 70,000 per share. Orkla wishes to increase its exposure in its current core areas.
Orkla says in a press release that pover a period of almost 40 years, the group has been an active minority shareholder, and now wishes to take part in the further development of Jotun as a majority shareholder.
Orkla wishes the Gleditsch family to maintain a substantial stake and to continue the close collaboration.
The Gleditsch family today owns 54 per cent of the Jotun shares, and spokesman for the family, Odd Gleditsch d.y. says to Aftenposten that the family are long term owners, and do not want to sell.
Orkla today owns 43 per cent of the Jotun share capital, and says that completion of the offer is conditional on, among other things, Orkla acquiring a total stake in Jotun AS, after the exercise of any pre-emptive rights to shares by other shareholders, that represents more than 50% of the voting rights in the company.
(NRK/Aftenposten)
