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Largest ever Norwegian bid on Swedish company

Christian Ringnes, Norwegian real estate owner, and Petter C. G. Sundt, Norwegian billionaire, are behind the biggest ever Norwegian take over bid in Sweden.

The Norwegian company Eiendomsspar, headed by Ringnes, has joined forces with Sundt AS and bought 35.9 percent of the stocks of the listed Swedish company Pandox. The stocks cost the Norwegian duo SEK 970 million (USD 126 million).

Offer 2.7 billion

The two Norwegian companies have informed that they want to buy out the other stockholders in Pandox for SEK 105 per share (USD 13.63). If the offer is accepted will the price of the sale be close to SEK 2.7 billion.

The prise of 105 per share equals a premium of 9 percent. At Stockholmsbørsen, the Swedish stock exchange, investors are hoping there will be a bidding battle, and the shares were traded at SEK 108 shortly after the exchange opened Tuesday.

SEB, the major stockholder, is has sold stocks to the Norwegians, and the second largest holder in Pandox is Scandic Hotels with an ownership of 20.8 percent.

Pandox owns hotels in a number of countries including Sweden, Denmark and Belgium.

Was not informed

Bengt Kjell, Pandox’ chairman, was not contacted by Eiendomsspar and Sundt before the stocks were purchased.

“The only thing I know is that someone has purchased a block of shares in the company, and I suppose that they are following the rules when it comes to bidding codes,” Kjell said to the news agency Direkt.

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