Canada-based Magma Energy announced the result today in connection with an HS Orka shareholders meeting. Attempts to reach the Icelandic government for comment on the special committee’s findings were unsuccessful.
The committee was tasked with reviewing the transaction – which Magma culminated early this month with the closure of a final tranche, boosting its stake in Orka to 98.5% -- after opposition emerged earlier this year, led by Icelandic pop star Bjork.
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