Svenska Handelsbanken does not further raise its bid for Fokus Bank

Svenska Handelsbanken does not further raise its bid for Fokus Bank Svenska Handelsbanken today decided not to further increase its bid. Handelsbanken announced its original bid - NOK 70 per Fokus Bank share - on 30 October 1998. On 12 November, Den Danske Bank launched a competing bid of NOK 77. On the same day, Handelsbanken increased its bid to NOK 80 and Den Danske Bank then countered with a bid for the same amount. The Board of Fokus Bank subsequently recommended the shareholders to accept Den Danske Bank's bid. The price of Focus Bank has now reached a level where it is no longer self- evident that an acquisition would raise the Handelsbanken Group's earnings per share. Handelsbanken is therefore not prepared to further increase the bidding level. This is in spite of the fact that, as a result of its large operations in Norway, Handelsbanken would achieve greater synergy gains than any other foreign purchaser. These synergy gains have been reported previously and would be achieved by merging Fokus Bank and Handelsbanken's operations in Norway. Den Danske Bank and the Board of Fokus Bank have instead decided that Fokus Bank will continue as before - with the same management and strategy. Handelsbanken will now develop its Norwegian operations as previously planned. Operations started in 1988 and now comprise some 300 employees and 15 branches. For further information, please contact: Arne Mårtensson, Group Chief Executive tel: (+46) 8 22 92 20 Björn-Åke Wilsenius, Head of Regional Bank Norway tel: (+47) 229 40870 Gustaf Elmstedt, Head of Investor Relations ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/11/13/19981113BIT00180/bit0001.doc http://www.bit.se/bitonline/1998/11/13/19981113BIT00180/bit0002.pdf