Securitas Värde AB cancels agreement to take over Pengar i Sverige AB

Date 02/06/2004

Securitas Värde AB has today, in accordance with the current terms and conditions, cancelled the agreement according to which it was to take over assets and staff in the Riksbank’s wholly-owned subsidiary Pengar i Sverige AB, which the Riksbank has accepted.

The reason is the decision on 19 May of the Swedish Competition Authority to carry out a special investigation of the transaction between Pengar i Sverige AB and Securitas Värde AB, which means that approval of the deal could be delayed a further three months. Securitas Värde AB and the Riksbank have, partly in consideration of costs, customers and the security risks involved in the company’s activities, concluded that the parties cannot await the result of this investigation.

The winding up of the activities in Pengar i Sverige AB, which comprise cash-in-transit and counting services, will continue. All customer agreements have been cancelled and the company’s assets will now be sold by tender. All the remaining staff of Pengar i Sverige AB, some 200 employees, have today been given notice of termination of contract.

Due to the cancellation of the transfer agreement, the costs of winding up Pengar i Sverige AB will be higher than previously estimated. A final estimate of these costs can be made once the sale of the assets is complete.