New deadline for the review of DNB’s acquisition of Sbanken

The Norwegian Competition Authority has received a proposal for remedies from DNB regarding its acquisition of Sbanken. In accordance with the Competition Act, the Authority’s deadline in this case is thereby extended by three weeks. 

On 26 August, the Authority informed the parties in a Statement of Objections that it considered prohibiting DNB’s acquisition of Sbanken. On 16 September, the parties submitted their response to the Authority’s Statement of Objections. The deadline for completing the Authority’s review of the transaction was originally 7 October.

– In all merger cases, the parties may propose remedies with a view to eliminate the Authority’s concerns that the transaction will weaken competition and harm consumers. DNB has used this possibility in this case. The Authority will now carefully examine the proposed remedies, says Director Gjermund Nese.

According to the Competition Act, the deadline for concluding the Authority’s review is extended by 15 working days when proposals for remedies are submitted at this stage of the review process. The Authority’s new deadline is therefore Thursday 28 October.

– It is not unusual that proposals for remedies are submitted in this type of cases. Sometimes acquisitions are approved after the submission of remedies, sometimes not. What the outcome in this case will be is too early to tell. At this stage, we have no further comments regarding DNB’s proposed remedies, says Project Manager Katrine Amdam in the Norwegian Competition Authority.

This is the case:

* 15 April 2021: DNB announces its wish to acquire Sbanken.

*20 May 2021: The Authority receives notification of the planned acquisition.

*24 June 2021: The Authority informs DNB and Sbanken that they consider intervening against the acquisition

* 26 August 2021: In a statement of objection, the Authority informs DNB and Sbanken that they still consider intervening against DNB’s acquisition of Sbanken based on an in-depth investigation.

* 16 September: Deadline for DNB and Sbanken to submit their comments to the Authority’s statement of objection.

* 6 October 2021: DNB proposes remedies.

* 7 October 2021: The Authority’s deadline for a final decision.

* 28 October 2021: The Authorities extended deadline for a final decision after receiving proposal for remedies.

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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