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.
S
Was this article valuable?
Here are more articles you may enjoy.
State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order 
Court Awards $32 Million Over Premature Baby’s Death at Yale Hospital 
Hacking Group ‘ShinyHunters’ Claims Theft of Data From Users of Pornhub 
Hyundai, Kia Agree to Retrofit 7 Million Vehicles to Address Theft Concerns 
