Sampo Bid For Storebrand Meets Government Opposition

The Norwegian government continued to voice opposition to the $2.3 billion bid by Finland’s Sampo to take over Storebrand, Norway’s largest insurer.

According to a report in London’s Financial Times, a meeting between Norway’s Finance Minister, Karl-Eirik Schott-Pedersen, and Sampo CEO Bjorn Wahlross failed to resolve concerns about Storebrand being turned over to foreign control.

The Minister, whose office has the power to block the deal, indicated that he favored the $1.75 billion offer made by Den Norske Bank as offering a “Norwegian solution,” but would treat Sampo’s offer in a “normal manner.”

He denied that the government planned any outright interference in the transaction, which would undoubtedly raise problems in the international financial community, but would continue to explore ways that Storebrand could be kept under Norwegian control.