Gana 21, a minority owner of Stollwerck Budapest, is suing Raiffeisen Private Equity Management (RPEM) and related entities for damages of HUF3.46bn (US$13.9m).

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The allegations by Gana 21 concern the acquisition of a 99.98% stake in Stollwerck Budapest by the Raiffeisen CEE Private Equity Fund (RPEF) through its subsidiary Triasz-Perry. The acquisition followed a bid to acquire Stollwerck by US packaged foods giant Kraft Foods that failed due to competition reasons.


Gana 21 has alleged that RPEM, RPEF, Triasz-Perry, Stollwerck Budapest and its CEO Istvan Justin illegally cooperated to help Triasz-Perry acquire a minority stake in Stollwerck, providing confidential information on the transaction so that Triasz-Perry could use its pre-emption rights. Gana 21, which is owned by Peter Futo, also claims that the defendants obstructed its ownership rights, withheld information and prevented it from exercising its pre-emption rights, reported Interfax.

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