Synbra concludes settlement agreement29-11-2022
Synbra concludes settlement agreement
BEWI ASA (“BEWI” or the “Group”) completed its acquisition of the Synbra group (“Synbra”) in May 2018. As communicated in BEWI’s annual reports and prospectuses, the European Commission (the “Commission”) has, thereafter, included Synbra in an investigation related to a potential involvement in anticompetitive practices of styrene monomer purchasing during 2013 and 2014.
Synbra has now concluded a settlement agreement with the Commission which entails a payment of EUR 17.2 million. BEWI, as the owner of Synbra, has agreed to the settlement for the purpose of putting an end to the process and being able to focus on the ordinary business of the Group.
As part of the acquisition of Synbra, BEWI received customary warranties in relation to, inter alia, compliance with laws, from the sellers of Synbra. Such warranties are insured under a warranty and indemnity insurance policy. BEWI intends to pursue the insurance for coverage, and subsequently potentially the sellers.
Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 9756 1959
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 12:45 CET on 29 November 2022.