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.