Arab Finance: Value8 N.V. has filed a petition with the Enterprise Chamber of the Amsterdam Court of Appeal, seeking to prevent the proposed merger between Dutch-listed OCI Global and Orascom Construction, according to a statement.
If granted, the order could delay or block completion of the proposed combination and certain related transactions.
Meanwhile, OCI is reviewing the petition with its legal advisers and considers it to have no merit. The company noted that the petition largely repeats allegations and arguments previously introduced in ongoing proceedings before the Enterprise Chamber.
It intends to respond through the appropriate legal channels and in accordance with applicable procedures, while continuing to pursue its previously announced strategy and transactions.
OCI will provide further updates as appropriate and in line with its disclosure obligations.
The EGX-listed company previously announced that the long-stop date for meeting certain conditions related to the proposed combination with OCI Global N.V (OCI) has been extended to December 30.
