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.

This is the case: 

*15 April 2021: DNB announces that it wants to acquire Sbanken

*20 May 2021: The planned acquisition is notified to the Authority

*24 June 2021: The Authority informs DNB and Sbanken that it may have objections against the acquisition 

*26 August 2021: In a Statement of Objections, the Authority informs DNB and Sbanken after an in-depth investigation that it may prohibit DNB’s acquisition of Sbanken  

*16 September 2021: The deadline for DNB and Sbanken to submit their comments to the Authority’s Statement of Objections
*6 October 2021: DNB submits a proposal for remedies

*7 October 2021: The Authority’s initial deadline for the adoption of a final decision 

*27 October 2021: DNB requests the Authority to extend the deadline in order to submit a new proposal for remedies

*28 October 2021: The Authority extends the deadline for the adoption of a final decision

*18 November 2021: The final deadline for concluding the review of DNB’s acquisition

Bunke med kredittkort
Gjermund Nese, Director at the Norwegian Competition Authority.
Project Manager Katrine Amdam in the Norwegian Competition Authority.

Contact information:

Press phone + 47 476 67 777

Gjermund Nese
Director
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