Company briefs - 2005-11-23

  • 2005-11-23
Denmark's Royal Unibrew offered to buy out minority shareholders in Kalnapilio-Tauro Grupe, Lithuania's second largest brewery. It currently holds a 98.46 percent stake in Kalnapilio-Tauro Grupe and offered to pay 17 litas (4.9 euros) per share for the remaining stock. The buyout offer closes on Dec. 31. The Kalnapils-Tauras Group held a 23.91 percent share of the domestic beer market in the first 10 months of this year.

Assets of Air Lithuania, a small regional carrier controlled by U.K. World Aviation Capital, were seized after the Kaunas Regional Court sided with creditors' claims. The company's debts to Oro Navigacija (Air Navigation), the flight coordination operator, amounted to some 6 million litas (1.7 million euros), while those to Kaunas and Palanga airports were over 3 million litas and 600,000 litas, respectively. Unofficial sources have put Air Lithuania's total debts at 23 million litas. Air Lithuania moved into private hands two years ago and has since changed owners.

Prosecutors initiated criminal proceedings against employees of the investment bank LHV who are suspected of having used confidential information while speculating on U.S. stocks. The Financial Supervision Authority asked for the investigation, and materials have been forwarded to the central criminal police, which will carry out the investigation. Kaido Tropp, board member of the Financial Supervision Authority, said the application was based on a civil action lawsuit filed with a New York court by the U.S. Securities and Exchange Commission on Nov. 1, as well as on data and documents obtained by the authority in the course of supervision proceedings.