Gasunie 2007 takeover in Germany criticised, board members quit

Three of the six supervisory board members at gas company Gasunie have resigned following a damning report over a takeover in Germany, the Financieele Dagblad reports on Monday.

State-owned Gasunie took over German gas network BEB Erdöl at the end of 2007 for € 2. 2bn, a figure which later turned out to be €1.5bn too much.
A finance ministry report into the takeover was highly critical of the role of both management and supervisory board, saying they were too reliant on the optimistic information from the seller and failed to ask external experts for a fairness opinion.
The resignation of the three supervisory board members means all members of both boards have gone since the takeover was made.
‘Considerable mistakes were made and it is correct that the supervisory board members have resigned,’ finance minister Jeroen Dijsselbloem said in a statement.
Labour MP Jan Vos described the criticisms as extremely serious and wants the minister to look into the possibility of claiming damages from either the board members or BEB Erdöl’s previous owner.

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