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April 15, 2021, 2:40 a.m. EDT

Norway's DNB announces all-share offer for rival Sbanken worth $1.3 billion

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By Barbara Kollmeyer

Norway's biggest bank, DNB /zigman2/quotes/201446004/delayed NO:DNB +1.87% , on Thursday said it has reached an agreement with Sbanken /zigman2/quotes/205254506/delayed NO:SBANK +0.19% to buy the smaller rival in deal valued at NOK11.1 billion ($1.3 billion). In a recommended voluntary offer, DNB will pay NOK103.85 for each share of Sbanken, which represents a 29.8% premium over Wednesday's closing price of NOK80. "DNB believes that Sbanken will further strengthen its position within retail banking in its home market," the company said in a statement .

/zigman2/quotes/201446004/delayed
NO : Norway: Oslo
kr 182.70
+3.35 +1.87%
Volume: 1.23M
May 14, 2021 4:25p
P/E Ratio
13.62
Dividend Yield
4.60%
Market Cap
kr283.25 billion
Rev. per Employee
kr8.16M
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/zigman2/quotes/205254506/delayed
NO : Norway: Oslo
kr 103.60
+0.20 +0.19%
Volume: 268,758
May 14, 2021 4:26p
P/E Ratio
14.67
Dividend Yield
3.04%
Market Cap
kr11.07 billion
Rev. per Employee
kr7.71M
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