Sydbank: Soars on report it eyes tie-up with Spar Nord

Spar Nord Bank A/S

20/09/2019 13:20

** Shares in Sydbank  SYDB.CO , one of Denmark's largest
banks, are on track for their best day in over nine years after
a media report on talks with Danish peer Spar Nord  SPNO.CO 
    ** Danish financial newspaper Finans reported late on
Thursday, citing several sources, that the two banks' top
managers held a secret meeting in August to "discuss whether
there is a basis for initiating talks on future collaboration"
    ** The report came a day after Sydbank presented a new
chairman and vice chairman of its board of directors, following
the resignation of four board members, including Chairman Torben
Nielsen, due to disagreement about governance and future
strategy  urn:newsml:reuters.com:*:nFWN2680A4
    ** According to Finans, the four board members intended to
change Sydbank's existing strategy which says that the bank can
only agree a merger or acquisition if it is the continuing
entity in any deal, making it harder for Sydbank to agree to be
bought by another company
    ** Shares in Sydbank (mcap $955 million) and Spar Nord (mcap
$1,048 million) rise 10% and 3.4%, respectively 
    

 ((izabela.niemiec@tr.com))