DNB requests more time: New deadline for the review of DNB’s acquisition of Sbanken

DNB wishes to submit a new proposal for remedies and has therefore requested the Norwegian Competition Authority to extend the deadline for its review of DNB’s acquisition of Sbanken. The new deadline for the Authority’s final decision in this case is 18 November.

The Authority has previously notified the parties that it considers blocking the acquisition because it is concerned that the acquisition will weaken competition in the market for mutual funds and harm consumers. The day before the deadline for the adoption of a final decision in this case, the companies submitted a proposal for remedies with a view to remove the Authority’s competition concerns. According to the Competition Act, the Authority’s deadline in the case was thereby extended with 15 working days to 28 October.

The Norwegian Competition Authority has notified DNB that its proposed remedies have not changed the Authority’s view that the acquisition will harm consumers in the market for mutual funds and that the Authority therefore intends to block the acquisition. In light of this, DNB has expressed that it wishes to propose new remedies and has requested the Authority to extend the deadline for the adoption of a final decision in this case, says Director Gjermund Nese.

The Competition Act gives notifying parties the opportunity to request an extension of the deadline in order to propose new remedies with a view to remove the Authority’s competition concerns.

According to the Competition Act, companies may ask for an extension of the deadline with 15 working days in order to submit a new proposal for remedies. DNB has now used this opportunity. The Authority will assess the new proposal when it has been submitted and conclude its review of this case by 18 November, says Project Manager Katrine Amdam.

The final deadline for the Authority’s review of this transaction is 18 November. The parties cannot request a further extension of this deadline.

At this stage, the Authority cannot give any further comments with regards to the content of the initial remedies DNB proposed or the new proposal that will now be submitted by DNB.