GN Store Nord has announced that it has filed an appeal and will continue to pursue compensation for a German court blocking the sale of GN ReSound to Sonova.
On December 22, 2010, GN Store Nord, the parent company of GN ReSound, filed a claim of EUR 1.1 billion ($1.4 billion) as compensation for the significant loss imposed on GN Store Nord and its shareholders in relation to the German Federal Cartel Office’s unlawful prohibition of the sale of GN ReSound to Sonova on April 11, 2007.
On February 26, 2013, the Court of Cologne dismissed GN Store Nord’s claim. While the Court of Cologne acknowledged that the prohibition of the sale was unlawful, it claims that the unlawful prohibition does not result in liability for the German Federal Cartel Office.
Following thorough evaluation of the written opinion from the Court of Cologne, GN Store Nord has announced in a press release that it still disagrees with the decision by the Cologne court, and it believes that the legal case against the German Federal Cartel Office is strong.
Consequently, GN Store Nord has announced that it has filed an appeal to the Higher Regional Court of Cologne (Oberlandesgericht Köln) on March 26, 2013.
SOURCE: GN Store Nord A/S