DNV merger with GL set to close this month

Madsen DNVSEPTEMBER 5, 2013 — As Det Norske Veritas Group AS (DNV) reported a strong half-year performance (with revenue up 13% to NOK 6,665 million), Group Chief Executive Officer Henrik O. Madsen (left) said that the planned merger with Germanischer Lloyd (GL) looks on track to close later this month.

 "We have achieved clearance from the competition authorities in three of the four required jurisdictions: South Korea, the U.S. and the EU," he said. "We hope to receive clearance from Chinese competition authorities shortly and are, pending their decision, currently looking at officially closing the merger transaction sometime this month."

"Given the timeline, the past six months laid emphasis on integration planning so that we are ready to start operating as one company as soon as possible," said Thomas Vogth-Eriksen, DNV Group Chief Financial Officer. "This will allow our customers to benefit from dealing with a stronger company without experiencing disruption to their business dealings with DNV or GL."

DNV Half Year Financial Report

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