August 13, 2014 / 10:19 AM / 3 years ago

Sampo CEO says not planning Topdanmark takeover

HELSINKI, Aug 13 (Reuters) - Finnish insurer and investment firm Sampo is not planning to take over its Danish rival Topdanmark, Sampo Chief Executive Kari Stadigh said on Wednesday.

Sampo held 28 percent of the Danish company at the end of June and were its stake to exceed 33 percent, it could be required to buy out other shareholders.

“At this moment, we are not intending to make an offer for Topdanmark,” Stadigh told a news conference after second-quarter earnings release.

“We must check that if our ownership exceeds 33 percent due to Topdanmark’s share buybacks, whether that triggers a requirement for a take-over offer,” adding that in Sampo’s understanding the requirement would not be triggered in such a case.

“But we will ask the authorities in such a case.” (Reporting by Jussi Rosendahl, editing by Sakari Suoninen)

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