Reykjavik (IFN) Icelandic insurance company Tryggingarmidstodin (TM) has received an approval from the Financial Supervisory Authority of Norway for the acquisition of between 74.5 and 100% of insurance company, NEMI, TM announced friday.
The approval is conditioned on that TM takes delivery of at least 74.5% of the shares within 3 months from the date of the approval. Further the approval stipulates that substantial parts of NEMI can not be transferred to other legal entities without the prior approval of the FSAN and that transactions between TM, including its subsidiaries, and NEMI shall take place at ?arms length", the company said.
The condition for satisfactory approval by the Financial Supervisory Authority in the offer document has now been fulfilled. The only outstanding condition left in the Offer Document is the condition for a satisfactory Due Diligence and that is expected to be completed no later than 25 August 2006.
?TM is very pleased with the positive response from the Norwegian Authorities. The process of investing in NEMI can now continue as planned, said Oskar Magnusson, CEO of TM."
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