DNO Chairman: 'Not the Right Time' to Enter Merger Talks

Det norske oljeselskap ASA's Board of Directors is ready to contribute to a consolidation in the market when the time is right for the company. It is viewed as positive that the market shows such interest in Det norske. According to Chairman Diderik Schnitler, it is important that he, and the other newly elected board members, have the opportunity to learn the company well before the board evaluates possible partners or structural changes where Det norske takes part.

"At this point, I do not know if the suggested merger with Noreco is a good idea or not. We are open minded to changes in the business, and will actively take part in such processes. As such, Noreco could be one of several companies that could be of interest. At the same time, it is my clear opinion that this is not the right time for a newly elected board to enter such talks."

Schnitler do not want to comment on the specific issues in Noreco's merger proposal. He underlines that neither he nor company management have held any talks with Noreco about the proposal.