The Icelandic bank Islandsbanki said on 11 April that its Norwegian subsidiary Kredittbanken ASA had made an offer for all shares in the Norwegian factoring services provider FactoNor AS.
The offer of NOK4,000 (Ђ490) per share values the company at NOK52.8m (Ђ6.4m).
FactoNor specialises in factoring for small- and medium-size enterprises (SMEs) in north-western Norway. It had a factoring turnover of NOK2.8bn (Ђ342m) in 2004.
Kredittbanken has received pre-acceptances from shareholders representing over 50% of the share capital of FactoNor.
Source: Nordic Business Report
