Police and prosecutors close insider trading probe into Enefit Green share takeover bid

Estonian prosecutors have closed a criminal investigation into a suspected insider information leak ahead of the Enefit Green share takeover offer. The case examined whether confidential information was used to conduct trades before the public announcement. No charges will be filed.

Estonian prosecutors have officially closed a criminal investigation that examined whether insider information was leaked ahead of the Enefit Green share takeover bid and whether trades were made on the basis of that information.

The Prosecutor's Office and police concluded that the evidence gathered during the investigation was insufficient to pursue criminal charges. The probe focused on potential violations of securities market rules, specifically whether confidential details about the planned takeover offer had been disclosed to parties who then used that knowledge to trade Enefit Green shares before the announcement became public.

Enefit Green is a major renewable energy company listed on the Tallinn Stock Exchange and is a subsidiary of state-owned energy group Eesti Energia. Takeover bids for publicly traded companies are subject to strict information security requirements under Estonian and EU securities law, as early disclosure can allow certain investors to profit unfairly at the expense of others.

The closure of the case means no criminal proceedings will continue against any individuals or entities in connection with the suspected leak. Authorities did not publicly name any suspects during the investigation.