OK to pay extra millions for Coop purchase

Energy company OK needs to add another 155 million Danish kroner to buy half of Coop Denmark as planned, confirmed by OK to Finans. Coop amba and OK agreed to invest a total of two billion kroner into Coop Denmark, partly from Coop amba’s sale of Coop Bank. Sydbank is purchasing Coop Bank for 345 million kroner, which is less than expected, thus OK will cover the shortfall, subject to competition authority approval. The final purchase price for Coop Bank will be announced upon takeover in July. OK and Coop amba’s deal for shared Coop Denmark ownership was approved by Coop’s national council following their announcement on April 12. Coop Denmark, faces significant financial issues, with a 628 million kroner loss in 2022 and similar projections for 2023; they require a ‘fundamental transformation’ to stabilize.