Takeover Committee to Investigate TM Skip to content

Takeover Committee to Investigate TM

A special takeover committee will investigate whether a takeover obligation has been created in the Icelandic insurance company Tryggingamidstödin (TM) after FL Group acquired 37.75 percent in Kjarrhólmi yesterday.

Kjarrhólmi is the largest shareholder in TM and last week Glitnir Bank acquired 39.8 percent in TM. FL Group is the largest shareholder in Glitnir. This close connection may lead to a takeover obligation, Morgunbladid reports.

When a company, possibly in this case FL Group, acquires 40 percent in another company, it is obligated to make a takeover offer.

Glitnir Bank announced after the investment in TM last week that it intended to sell its share in the near future, but did not reveal when, or who the potential buyers were.

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