Oslo Stock Exchange

"During some quick chess moves, Røkke, Gjelsten, and Storetvedt moved properties between their companies and hyped up the values. Once again, Kjell Inge Røkke was on all sides of the table when the deals were made. It started with ANS Gresvig Bygg, the headquarters of the sports wholesaler in Askim. The building was sold to Gjelsten & Røkke Eiendom and leased back again. Now, you might not think that had a significant effect, but then you do not work at the Oslo Stock Exchange. With this maneuver, Røkke managed to reduce the debt in Gresvig – while simultaneously increasing the income in his real estate company. And just like that, both rose in value, even though Røkke was really just dealing with himself. This is how a kingdom was united under Jan Petter Storetvedt. When one of Røkke's companies had a large office or a factory building, it was sold – and leased back. Thus, everything was transferred to the newly started company Industribygg. Gradually, this company had purchased industrial buildings for close to 275 million kroner from the other Røkke companies, including four factory buildings belonging to the major fish exporter Skaarfish, which Røkke bought for a song when the company was down and out. Thus, the companies were stripped of properties. But not to slaughter them and parcel them out into delicacies according to Bjørn Rune Gjelsten: "The reason why we established Industribygg was that too much management time was spent on the property holdings and not on operations. Managers should focus on operations, and the real estate company should take care of the properties." Moreover, it was Røkke and Gjelsten who held the magic formula that could transform the dusty industrial buildings into ringing coin in the cash register. The first move was a stock market listing, or rather; finding a backdoor onto the Oslo Stock Exchange. The solution was the real estate company Avantor, the Andenæs family's old company which had developed, among other things, Oslo Havnelager, but which was leading a dormant existence, marked by the family's financial troubles. It was another friendly raid."

"The perhaps most important deal concerned the possible merger between Gjelsten & Røkke Eiendom and the real estate company Avantor – a gigantic deal in the several hundred million class, which was also very sensitive to the stock market because Avantor shares were bought and sold on the Oslo Stock Exchange. And there, no one knew anything about the upcoming merger and the possible price increase that such good news could entail."

"The two friends from Molde were filthy rich. That was now. But they also sat on a cash box of several billion kroner. Now they had a unique opportunity to seriously implement RGI's business idea of entering companies with poor management, restructuring them, achieving new growth, and then selling the companies at a great profit. On the Oslo Stock Exchange, there were many such companies. Now RGI had the strength to attack one of the giants."

"At the Oslo Stock Exchange, raiders like Niels August Bahr Bugge rampaged. Unknown 30-year-olds made themselves filthy rich from staggering stock prices, and shiny color brochures spoke of synergy and cash flow and other words that the average shareholder did not understand, but was nevertheless impressed by. What did it matter? It played no role that the company names sounded like baby babble? Whether they were called Bik Bok, VIP, or Laly, the money just kept flowing in."