Sampo Extends Offer For Storebrand

July 12, 2001

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.


Was this article valuable?

Here are more articles you may enjoy.