Proposed merger with DNB ASA
On 21 October 2020, the Board of Directors of DNB Bank ASA decided, in a board meeting, to call an Extraordinary General Meeting on 30 November 2020 for the consideration of a proposed merger with DNB ASA.
DNB ASA announced, on 23 December 2019, that the DNB Group had initiated a merger process between DNB ASA and DNB Bank ASA. On 2 July 2020, it was announced that the Ministry of Finance had given its approval to change the group structure in order for DNB Bank ASA to be the new parent company.
The Board of Directors of DNB ASA and DNB Bank ASA have signed a joint merger plan, in which it is proposed that the companies’ extraordinary General Meetings approve a merger of the two companies through a reverse subsidiary merger, involving the transfer of all DNB ASA’s assets, rights and obligations to DNB Bank ASA. Once the merger has been implemented, DNB ASA will be dissolved. At the same time, the shareholders of DNB ASA will receive one share in DNB Bank ASA for each share they own in DNB ASA, meaning that they will collectively hold all the shares in DNB Bank ASA. The implementation of the merger is, among other things, conditional on obtaining the necessary approvals from relevant authorities. The merger plan with annexes, including the Boards of Directors’ joint report on the merger, will soon be made available here. The merger is scheduled to be completed mid-2021, with accounting and fiscal effect from 1 January 2021.
For further information, please contact:
Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71 32 50