Sampo, the Finnish financial group which has been seeking to acquire Norway’s largest insurer, Storebrand, may be about to abandon its efforts in the face of the Norwegian government’s continued opposition, and the current turmoil in the financial markets caused by the terrorist attacks in the U.S.
Sampo has extended its bid for Storebrand shares a number of times. The current expiration date is September 28. So far Den Norske Bank, a rival bidder, has refused to tender its approximately 10 percent holding, leaving Sampo short of the 90 percent control Norwegian law requires for the takeover of a financial institution.
Sampo’s original NKr 75 ($8.72) bid is now well above the current level of Storebrand shares, which closed at NKr 45 ($5.22) on Friday, making the deal far more expensive, and less attractive than it was.
Was this article valuable?
Here are more articles you may enjoy.
Albertsons Reaches $774 Million Opioid Accord, Records Loss 
Toilet Paper Warehouse Fire Investigators Review Viral Video 
Here’s a List of Gulf Energy Infrastructure Damaged in Iran War 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
