News of Norway, May 28, 2002
Part of DnB Storebrand will remain in Norwegian hands given that the Norwegian state will own more than a third of the shares. Each Storebrand share will be exchanged for 1.3 shares in DnB.
Around 20 percent of the final takeover price will be paid in cash. The two companies say they have agreed to the most important points of the deal, with only final conditions left to negotiate.
"It is very important for Norwegian business to have a major financial services group with its headquarters in Norway," was Gabrielsen’s comment.
Gabrielsen stated that under no circumstances would the proportion of state ownership drop below 34 percent. The state currently owns 47.3 percent of DnB through the Government Bank Investment Fund. Experts believe the state’s stake in a merged financial services group will be around 37 percent.