Ocado Gains on $257 Million Patent Settlement With AutoStore
- Shares of Norwegian robotics company plunge after agreement
- Settlement ends years of lawsuits between the companies
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Ocado Group Plc shares gained after Norwegian robotics company AutoStore Holdings Ltd. agreed to pay the UK company £200 million ($257 million) to settle a dispute over patent infringements regarding automated warehouses.
AutoStore will make the payment in 24 monthly installments, starting this month, the companies said Saturday, agreeing to withdraw their legal actions against each other. Ocado rose as much as 12% in London, while AutoStore fell as much as 7.7% in Oslo.