Norwegians oppose Storebrand merger

Den norske Bank (DnB), backed by Norway’s finance minister Karl Eirik Schjott-Pedersen, is leading local opposition to Sampo’s bid for Storebrand. The Finnish company’s agreed bid for Storebrand – valuing the Norwegian insurer at NKr20.8bn (€2.6bn) – has already been recommended by the Storebrand board. The bid price offers a 31% premium over the recent quoted share price.