OMX Nordic Exchange Copenhagen A/S
London Stock Exchange
Bourse de Luxembourg
Stock Exchange Announcement No 01/08
Group Executive Management
PO Box 1038
Tel +45 74 36 36 36
Fax +45 74 36 35 36
CVR No DK 12626509, Aabenraa
Direct tel +45 74 36 20 00
21. January 2008
Earlier today bankTrelleborg A/S was transferred to the observation list of the OMX due to ”significant financial problems” and the company notice moreover stated that against this background ”a conditional merger agreement with a major Danish financial institution had been concluded”.
Sydbank is the financial institution to acquire bankTrelleborg.
The acquisition is based on an agreement between Sydbank A/S and Fonden for bankTrelleborg which has a majority stake in bankTrelleborg A/S. Compulsory redemption of minority shareholders is expected to be effected at price 59.3 per share of DKK 20.
Formal terms for the implementation of the merger have been complied with and any necessary approvals by the authorities have been promised.
bankTrelleborg is domiciled in Slagelse and has branches in a number of towns on Zealand, as well as in Copenhagen, Aarhus and Odense. The bank's staff numbers around 220 (full-time equivalent). Total assets represented approx DKK 8 billion at end-Q3 2007, and shareholders' equity stood at DKK 676 million. The bank's customers constitute around 30,000 – the majority of which are retail clients residing in Western Zealand.
It will be submitted that a member of the Board of Directors of bankTrelleborg be elected to the Board of Directors of Sydbank. Also it will be submitted that all shareholder-elected Board members of bankTrelleborg be elected to Sydbank's Local Shareholders' Committee. Current members of bankTrelleborg's Shareholders' Committee will join the Local Shareholders' Committee of Sydbank's new region, Zealand.
Sydbank's branch network currently includes 10 branches in the greater Copenhagen area and Northern Zealand. Via its acquisition of bankTrelleborg, Sydbank's presence in Zealand will be supplemented and in future the Bank's Copenhagen region will include a new region, Zealand, with regional head office Slagelse.
It is expected that the acquisition of bankTrelleborg will contribute approximately DKK 40 million to Sydbank's 2008 core earnings. Detailed information in this respect will be provided in connection with Sydbank's annual results on 29 January 2008.
Group Chief Executive