On 2 May, a letter was received by Storebrand, addressed to the Chairman of the Board of Directors, from the Chairman of the Board of Christiania Bank og Kreditkasse, in which the bank presented a proposal to merge Christiania Bank and Storebrand, on certain terms. Storebrand`s Board was requested to decide on the offer, which remained in force until 7 p.m. on Sunday, 3 May.
On the basis of the dynamism that has characterised the financial market in the period after the proposal to establish Christiania was rejected in June of last year, Storebrand has implemented a comprehensive strategic process. As part of this process, Storebrand is considering all available alternatives, and at present the company has not come so far in this process that it would be natural to sign a letter of intent with Christiania Bank.
In the light of the recent development, it will also be necessary to consider the strategy a merged company would have to follow. Such an evaluation will necessarily take time.
The offer made also includes terms which, for Storebrand, deviate in a negative manner from the original merger proposal, and which make a reopening of merger negotiations between the two groups difficult at this time.
The Board of Directors of Storebrand ASA has considered the offer made and has advised Christiania Bank that the offer, as it stands at present, cannot be accepted.
Oslo, 4 May 1998
The Board of Directors of Storebrand ASA