Norwegian bank DNB reaches over 90% ownership in rival Sbanken [Financial Post (Toronto, Ontario, Canada)]
Dnb Asa (DNHBY)
NASDAQ:AMEX Investor Relations:
ir.dnb.no
Company Research
Source: Financial Post
Article content Last week, DNB raised its bid to 108.85 Norwegian crowns per share from 103.85 crowns, valuing the takeover at 11.6 billion Norwegian crowns ($1.39 billion). Dyson just launched a vacuum with a laser — we tried it and we're gobsmacked The planned takeover still remains subject to regulatory approval however. Based on preliminary calculations that were still subject to potential adjustments, DNB had received acceptances for a total of approximately 81% of shares in Sbanken at the expiry of the offer period at 1430 GMT, it said. Combined with existing holdings, DNB now holds approximately 90.9% in its rival, it added. Upon a successful completion DNB would proceed with a compulsory acquisition of the remaining shares in Sbanken. The takeover will increase DNB's share of the Norwegian mortgage market to an estimated 27% from about 24% while also strengthening its asset management business. DNB was advised by in-house broker DNB Markets while Sbanken was a
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