Sampo’s offer for Topdanmark gets green light from shareholders
Finnish insurer Sampo said it will complete the acquisition of Danish insurer Topdanmark as soon as possible after its offer to buy all outstanding stock was accepted by enough shareholders to pass the required 90% threshold to make compulsory acquisitions of all remaining shares.
Sampo already owned 49.5% in Topdanmark, having built up its stake since its first offer to buy the insurer in 2016 was rejected, and said the completed offer takes it to 92.6%. It has set aside €400m to “squeeze out” remaining minority shareholders, with the final result from the offer, which was recommended by Topdanmark’s board, expected to be announced by 16 September.
“We are pleased with the successful outcome, which is an important milestone for all of us,” said group CEO Torbjörn Magnusson. “We look forward to Sampo’s dual listing on Nasdaq Copenhagen and the integration of Topdanmark’s operations into If P&C to realise the attractive synergies we have identified.”
Through the deal, first announced in June, Sampo will boost its share of the Danish market to 21%, second only to Tryg, as well as consolidate its position in the wider Nordic insurance market.
