The Ministry of Finance approves the decision by the Government Bank Investment Fund to accept the bid from MeritaNordbanken for the State’s shares in Christiania Bank.

In 20 June this year the Ministry of Finance asked the Government Bank Investment Fund to prepare the sale of the State’s 191 million shares in Christiania Bank. It was stated that the sale should be carried out on commercial terms. The sale should be based on the guidelines established in the Government’s report to the Storting, no 38 (1999-2000), and the corresponding recommendation from the Standing Committee on Finance, recommendation no 245 (1999-2000).

It follows from the Act governing the Government Bank Investment Fund that decisions on sale of shares are to be submitted to the Ministry of Finance in advance. The Government Bank Investment Fund’s acceptance of a binding offer from MeritaNordbanken to purchase the State’s shares in Christiania Bank for NOK 49 per share has been submitted to the Ministry. According to the Government Bank Investment Fund the offer, judged both by price and other terms, is clearly better than other offers received in the sale process conducted by the Fund.

The Ministry of Finance has in a letter dated 15 October informed the Government Bank Investment Fund that the Ministry does not have any remarks to the submission.

- This sale is in line with the conditions set by the Storting and the Government. The sale to MeritaNordbanken will give a Nordic solution. This provides interesting prospects for Christiania bank, says Minister of Finance Karl Eirik Schjøtt-Pedersen.

- The sale will give the State nearly NOK 1 billion more for its stake compared to an acceptance of the original bid. This confirms that it was right to carry out the sale in a commercial manner, adds the Minister of Finance.

Please note: Minister of Finance Karl Eirik Schjøtt-Pedersen will be meeting the French Minister of Finance in Paris Monday October 16 ^th>. He will then travel to Luxembourg for EFTA/EU meetings Monday and Tuesday. Contact person is Anne-Sissel Skånvik, mobile phone no 913 22 811.