Update on merger talks

The chairs of Glitre Energi and Agder Energi report that the merger talks are progressing well and that discussions have been constructive.

Steering group meeting in Kristiansand: merger talks are progressing well, and constructive work is being done at a variety of levels. The process is being led by a steering group consisting of the chairs of the boards of directors, the CEOs and two employee representatives from each group. (From front left: Ann-Christin Andersen, Chair of Glitre Energi, Lars Erik Torjussen, Chair of Agder Energi, Steffen Syvertsen, CEO of Agder Energi, Oddvar Emil Berli, senior employee representative at the Agder Energi Group, Pål Skjæggestad, CEO of Glitre Energi, Rune Bæver, employee representative at Glitre Energi, Roger Thorsland, employee representative at Agder Energi. Furthest back: Jan Helmen, employee representative at Glitre Energi.
Steering group meeting in Kristiansand: merger talks are progressing well, and constructive work is being done at a variety of levels. The process is being led by a steering group consisting of the chairs of the boards of directors, the CEOs and two employee representatives from each group. (From front left: Ann-Christin Andersen, Chair of Glitre Energi, Lars Erik Torjussen, Chair of Agder Energi, Steffen Syvertsen, CEO of Agder Energi, Oddvar Emil Berli, senior employee representative at the Agder Energi Group, Pål Skjæggestad, CEO of Glitre Energi, Rune Bæver, employee representative at Glitre Energi, Roger Thorsland, employee representative at Agder Energi. Furthest back: Jan Helmen, employee representative at Glitre Energi.

 The initial work done has revealed that a merger could generate significant synergies, open up several new business opportunities and create new jobs in their two regions.

The owners will hold meetings on 10 November in the case of Drammen Municipality, 12 November in the case of Vardar AS and 16 November in the case of Agder Energi’s shareholders, where they will be updated on the progress of the merger talks.

“It is now clear that a merger could free up the capacity and expertise to develop the new, profitable energy products of the future, while also creating value for shareholders. Together the companies would have the size, expertise and financial strength to be a driving force for the green transition and regional development. New business opportunities have the potential to boost growth and help create more jobs than the companies would be able to achieve individually”, says Lars Erik Torjussen, who chairs the Board of Directors of Agder Energi.

Employees will be guaranteed job security and flexibility in the event of any merger.
No-one would be laid off or be forced to move between the two regions as a result of it. Any surplus positions will be dealt with by buying fewer services, using fewer contractors, natural staff turnover and creating new roles within a bigger group operating in a broader market.

“Both companies have had positive experiences of working together across their two regions, and their geographical separation has not prevented efficient work processes. Digitalisation is changing the way in which we work, and new virtual meeting spaces reduce the need for travel or for sharing an office”, says Ann-Christin Andersen, who chairs Glitre Energi’s Board of Directors.

Both chairs are happy that good progress is being made with the work on preparing a letter of intent. Constructive work is being done at all levels, but they both stress that a lot remains to be done before the process can be concluded.
“It is important for us to find good, balanced solutions”, say Andersen and Torjussen.

The Agder Energi Group’s senior employee representative Oddvar Emil Berli is positive about the talks, which he believes are both appropriate and important in view of the rapid changes taking place in the industry.

“We believe that a potential merger would help to safeguard jobs, and it might also provide new opportunities”, he says.