Sampo allows its offer for Storebrand to expire <br>Storebrand's strategy is unchanged
- Leiv Nergaard, Chairman of Storebrand, comments "The Board of Directors of Storebrand regrets the decision. Like Sampo, Storebrand continue to believe in the industrial rationale of a partnership. However, in spite of very strong support by Storebrand's shareholders, it has not been possible to obtain acceptances of more than 90%, as required by both Sampo and the Norwegian authorities. The negative development in the world's financial markets has also had an adverse impact on the foundation for the completion of the agreement, comments Chairman Leiv L. Nergaard.
The CEO of Storebrand, Idar Kreutzer, comments that the partnership with Sampo was a proactive initiative for addressing structural changes in the Nordic financial market.
He continues:
"Storebrand's strategy will not change. We remain highly focussed on building our savings business. As the leading insurance and asset management company in Norway we have an excellent platform for further growth in the domestic market and in selected international markets."
The agreement regarding If is conditional upon the completion of the Sampo transaction. The industrial rationale of an expansion of If with the non-life business of Sampo is strong, hence completion of this agreement will be evaluated on an independent basis."
All Storebrand shareholders who have accepted the Sampo offer will have their shares transferred to their respective accounts.
More information will be presented at a combined press and analyst conference at 2pm Norwegian time today. The conference will be held at Felix Conference Center - Aker Brygge.
A conference call will be held at 5 pm this afternoon (Oslo time). Please confirm your participation at phone number +47 800 80 119 or +47 23 00 04 00. A recording of the conference will be available at phone number +47 22 33 11 13, code 1127+127.
Oslo, October 1st 2001
Storebrand
Contact person: <br>Information Director Egil Thompson: +47 22 48 95 86 - +47 93 48 00 12 <br>