The State Financial Supervisory Authority (PSzÁF) announced on Thursday it had found no evidence of insider trading in shares of canning company Globus Rt, however it instructed Union Fermiere Morbihannaise Societe Cooperative Agricole, a unit of France's CECAB, to correct inadequacies related to its buyout offer for Globus.
PSzÁF investigated the trading of Globus shares during the period between August 22, 2005 and February 13, 2006 and could not substantiate that shares had been traded by parties privy to information unavailable to the market.
On March 8, PSzÁF announced on Thursday it had suspended its approval of CECAB's buyout offer for Globus. Asked at the time whether PSzaF was investigating fluctuations in Globus's share price preceding the bid, PSzÁF spokesman Istvan Binder said that the fact an investigation is underway does not automatically mean the authority has found something wrong. The investigation aims to find whether there have been any irregularities, he said.