Norway Oil Fund Urges Constructive Tie-Up Talks Between Prologis and Segro
By Dominic Chopping
Norges Bank Investment Management, the arm of Norway's central bank that manages the country's $2.3 trillion sovereign-wealth fund, urged the boards of Prologis and Segro to enter talks over a possible merger.
Segro on Monday rejected a sweetened third takeover offer from U.S. industrial real-estate company Prologis that valued the British peer at around 13.5 billion pounds, equivalent to $18.13 billion, but said it was open to engaging further if an improved offer were to be made.
Segro said the most recent bid failed to reflect the quality and long-term prospects of the company, noting that its growth strategy and standalone prospects offered better value for shareholders.
Norges Bank Investment Management said Tuesday that as a long-term shareholder in both Prologis and Segro, it understands the strategic rationale for a combination and that it believes the proposal merits consideration.
"We encourage the boards of both Segro and Prologis to enter into constructive discussions to explore whether a transaction can be agreed on mutually beneficial terms for both companies and their shareholders," it said in a statement.
NBIM would assess any formal proposal on its merits once full terms are known, it added.
As of June 30, it held 1.3% of Prologis and 8.3% of Segro.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 21, 2026 08:54 ET (12:54 GMT)
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