Sampo plans to integrate Topdanmark into its property and casualty (P&C) unit. Credit: T. Schneider/Shutterstock.

Finnish insurance giant Sampo has announced that it has increased its stake in Danish insurer Topdanmark to approximately 92.6%.  

This move follows Sampo’s initial attempt to acquire full ownership earlier in the year and marks a strategic shift for the company towards becoming a pure-play insurance entity. 

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As per the preliminary results, Sampo’s offer has been widely accepted and the company is now set to complete the acquisition.  

Sampo stated that all conditions for the offer have been met and it plans to proceed with the compulsory acquisition of the remaining shares in accordance with Danish law. 

Sampo noted that it intends to eventually delist Topdanmark and expects to release the final result of its offer by 16 September 2024. 

If the preliminary results hold, Sampo will move to acquire the remaining minority shares as soon as practically possible. 

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Sampo’s interest in Topdanmark began in 2008, with a notable attempt to buy the company in 2016, which was met with limited interest from shareholders.  

However, this latest offer, recommended by Topdanmark’s board and setting a 90% acceptance threshold, has proven successful. 

Prior to this offer, Sampo already owned nearly half of Topdanmark’s shares and votes.  

The acquisition, first announced in June this year, is valued at DKr33bn ($4.9bn) and is part of Sampo’s strategy to integrate Topdanmark into its P&C unit, If, which operates across the Nordic region. 

Sampo Group CEO Torbjörn Magnusson said: “We are pleased with the successful outcome, which is an important milestone for all of us.  

“We look forward to Sampo’s dual listing on Nasdaq Copenhagen and the integration of Topdanmark’s operations into If P&C to realise the attractive synergies we have identified.” 

One of the key changes Sampo aims to implement at Topdanmark is the enhancement of its digitalisation and web services, which are considered to be falling behind compared with its Nordic counterparts in Finland and Sweden, Bloomberg reported. 

“For now, Sampo is unlikely to find further acquisition opportunities in the Nordic region, which is one of the most consolidated markets in the world. So our strategy is likely to be organic growth for the coming three year period,” Bloomberg reported, citing Magnusson’s statement from an interview on 11 September.