Finland’s Sampo plc has extended its offer to the shareholders of Norway’s Storebrand ASA for one month. The new deadline for acceptance of the $2.2 billion offer is now set to expire August 10th.
Although Sampo announced that 83.5 percent of Storebrand’s shareholders had accepted the offer, it’s still a long way from success. Under Norwegian law no company can own more than 10 percent of another company, unless it has a better than 90 percent stake. Den Norske Bank, which has also bid for Storebrand, holds a 9.76 stake in Norway’s largest insurer, and is effectively blocking Sampo’s bid.