Norway set to reform takeover rules

Following a proposal by Norway's Ministry of Finance, the country's takeover rules governing financial institutions may be overhauled. The new rules could see the end of a ban on owning more than 10% of a Norwegian financial institution without buying the entire share capital, a law which has been the downfall of a number of proposed private equity transactions. In place of the current law bidders would need to seek permission from a competition authority to increase its stake in a firm to over certain levels - 10%, 20%, 25%, 33%, and 50%. The proposals are likely to be presented to the Norwegian parliament in the middle of this year and could come into force before 2004.

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• Topics
• Regulation
• Nordics