DNV and GL merger approved

The merger between the Norwegian testing and certification company Det Norske Veritas (DNV) and its German competitor Germanischer Lloyd (GL), which was announced at the end of 2012 (we reported), can proceed as planned. The competition authorities of South Korea, the U.S., the EU and China have approved the merger, according to the companies. The new company, formally called DNV GL Group, will comprise 17,000 employees across 300 sites in more than 100 countries, and have revenues of EUR 2,500 million per year.

"It is with great pride that we can now inform that this vision-driven merger for growth has been cleared by the competition authorities in all four required jurisdictions. The merging companies both represent leading market positions, complementary commercial positions and an acknowledged reputation for advanced technology, high quality and integrity," Henrik O. Madsen, Group CEO of DNV GL, said.

Madsen argues that this first consolidation of two classification societies will be a global game changer. "DNV GL will be uniquely positioned to offer a broader set of products and services, more in-depth expertise and a denser global network of sites second to none. And importantly, there is a strong commitment by both DNV and GL to the merged company continuing to invest heavily in technology, research and innovation."

In the first half of 2013, DNV GL focused on integration planning to ensure that the new company would be ready to start operating as a single company with effect from 12 September.

The DNV Foundation will hold 63.5% of the shares of the new DNV GL Group; Mayfair S.E., the owner of the GL Group, will hold 36.5%.

Bodo Höche

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