Finance & Insurance, News

Merger between Norways two largest banks one step closer

The merger between Norways two largest banks, DnB and Gjensidige NOR, is one step closer to completion, after the biggest opponent to the merger, US based K Capital has given up its fight for Gjensidige NOR, and sold all its...

The merger between Norways two largest banks, DnB and Gjensidige NOR, is one step closer to completion, after the biggest opponent to the merger, US based K Capital has given up its fight for Gjensidige NOR, and sold all its shares in the bank to DnB.

In a message to the Stock Exchange, K Capital Partners say that they have sold all of their 4,383,200 shares in Gejnsidige NOR, and that they no longer own any shares in the bank.

DnB has in a similar message said that they have purchased an identical number of shares, at a price of NOK 250.50 per share, somewhat higher than the closing quotation on Thursday.

The US company had, together with several other foreign share-owners protested against the low price offered by DnB for the Gjensidige NOR shares, and had therefore tried to stop the merger.

On Thursday evening the boards of DnB and Gejnsidige NOR made the formal resolutions needed for the merger, NRK reports.