Nykredit is on the verge of acquiring Spar Nord, potentially becoming Denmark’s third-largest bank, while former Finance Minister Mogens Lykketoft has criticized ATP’s decision to sell its stake in TDC to an Australian capital fund.

Nykredit’s takeover bid for Spar Nord has received acceptance from 61.32 percent of Spar Nord’s shareholders, according to a stock exchange announcement. Combined with Nykredit’s existing shares, this gives them 96.54 percent of the shares and voting rights.

Nykredit can now initiate a compulsory redemption of the remaining Spar Nord shares and subsequently delist Spar Nord from the stock exchange.

The Danish Competition and Consumer Authority approved the acquisition, stating it does not significantly restrict competition.

Mogens Lykketoft has voiced strong disapproval of ATP’s plan, along with PFA and PKA, to sell their combined 50 percent stake in TDC to Macquarie, arguing that ATP is betraying its social responsibility by handing over Danish infrastructure to foreign ownership.

ATP defends its decision by stating that the digital transformation has changed market conditions, making it a more complex market to operate in, and they believe it’s the right time for them to exit the investment.