Start of evaluation period in DnB NORD
The Board of Directors of DnB NOR has today decided to initiate the evaluation period of the shareholder agreement between DnB NOR and NORD/LB relating to Bank DnB NORD A/S. The period will commence on 31 January 2010.
As specified in the prospectus for the DnB NOR rights issue, the shareholder agreement in Bank DnB NORD A/S (“DnB NORD”) gives the contracting parties the right to require an evaluation of the joint venture. The Board of Directors of DnB NOR Bank ASA (“DnB NOR”) believes that this is the correct time to initiate such an evaluation.
DnB NOR regards DnB NORD’s geographic area of operations as an area with good future earning potential, and will, during the evaluation period, consider whether to acquire Norddeutsche Landesbank Girozentrale’s (“Nord L/B”) ownership interest in DnB NORD.
Pursuant to the shareholder agreement, the evaluation period will end on 31 July 2010. After the expiry of the evaluation period, DnB NOR will have the right to acquire NORD/LB’s ownership interest in DnB NORD, but in that event, NORD/LB will have the right to take over DnB NORD’s Polish operations.
If DnB NOR does not avail itself of the right to acquire NORD/LB’s ownership interest in DnB NORD, NORD/LB will be entitled to transfer its ownership interest in DnB NORD to DnB NOR or to take over the ownership interest of DnB NOR. If NORD/LB chooses to transfer its ownership interest in DnB NORD to DnB NOR, DnB NOR can choose not to take over DnB NORD’s Polish operations.
DnB NOR Bank ASA and Norddeutsche Landesbank Girozentrale own 51 per cent and 49 per cent, respectively, of Bank DnB NORD A/S, a Danish bank with subsidiary banks in Poland and the Baltic States.
Source: DnB NOR