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Raissa Carey

Standards

Intertek, DNV Call Off Merger Talks

Negotiations that had been going on throughout 2009 were canceled due to "complexities."

Published: Wednesday, May 5, 2010 - 17:46

Discussions of a merger between European management system registrars DNV and Intertek, as reported in Quality Digest Daily on December 8, have been put on hold due to unplanned "complexities," according to a joint statement.

"After intensive discussions and reviews, we have concluded that a satisfactory transaction can not be executed in light of various unanticipated complexities within a reasonable time period. We both continue to believe that the contemplated transaction would have had significant strategic and financial benefits to both Intertek and DNV," DNV CEO, Henrik O. Madsen, and Intertek Group CEO, Wolfhart Hauser, said in the statement.

The acquisition plan had been in the works throughout 2009. According to the plan, Intertek would have purchased DNV’s business unit DNV Business Assurance, a unit that works mainly with management system certification. At the same time, DNV would have invested in Intertek shares and participated on Intertek's board.

Management system certification produces close to 15 percent of DNV’s total revenue, which was $1.7 billion last year, according to the company's 2009 financial report. Accredited management system certification services achieved all-time high revenue, new sales, and an operating profit last year.

"In spite of this, DNV believes that the market for accredited management system certification has developed to a point where a major strategic move will be necessary in the coming years in order to further develop this service line in DNV," the company said in the report, which was released this March.

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Raissa Carey