Boards approve Det norske, Aker merger
Two Norwegian exploration companies entered into a merger plan Wednesday that will form the second-largest oil company on the Norwegian Continental Shelf, after StatoilHydro.
The boards of directors of Det norske oljeselskap ASA and Aker Exploration agreed that Det norske’s shareholders will receive 82% of the shares of the merged company, while Aker Exploration’s shareholders will receive 18%.
The merger is expected to be registered and completed within 2009, which will retain the name Det norske oljeselskap ASA. Aker ASA will be the largest shareholder, with about 30% of the new company’s shares. The combined company will be operator for 32 licenses and will have a total of 70 licenses in its portfolio.