Norway’s Den Norske Bank (DnB) announced that it is dropping its bid to take over Storebrand, the country’s largest insurer.
DnB had originally offered 1.33 shares of its stock in exchange for one Storebrand share, valuing the deal at around $2.2 billion, but the bank wanted to renegotiate the purchase terms in view of recent stock market declines and losses, which it felt had reduced Storebrand’s overall value.
DnB, which controls slightly less than 10 percent of Storebrand’s shares, effectively blocked an earlier merger attempt from Finnnish insurer Sampo last year, which was valued at the time at around $2.8 billion.
Was this article valuable?
Here are more articles you may enjoy.
Roof Costs Soar Even as Claims Decline: Verisk 
Viewpoint: The AI Boom – When Risk Stops Being Rare, Insurance Must Evolve 
Lawyer Who Filed Viral Suit Against JPMorgan Seeks to Exit Case 
After Complaint, GEICO Agrees to Modify Cancellation Process That Uses AI 
