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Evry ASA Annual General Meeting

At the Evry annual general meeting 2. september 2019, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against the Board's merger proposal:

We have engaged in dialogue with management in both Evry and Tieto to better understand the rationale for the merger. We have assessed the communicated synergies, both in terms of size, value and type. A significant part of the communicated synergies do not stem from the merger itself. Some of the stated synergies are strategic and operational improvements that Tieto can undertake regardless of a merger. We therefore question whether the identified synergies are appropriately classified, increasing uncertainty regarding their true value. To us, the proposed transaction more closely resembles an acquisition than a merger. In Folketrygdfondet’s view, the nature of the transaction is not adequately reflected in the announced premium. Since the merger announcement, Tieto’s share price has demonstrated a clear downward trend. As a result, the share-based portion of the compensation for Evry shareholders is less attractive today. 

Based on an overall assessment, Folketrygdfondet as a long-term, financial minority shareholder voted against the Board's proposal for a merger on the basis of the terms disclosed. 

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