Volvo's long-time CEO Pehr G. Gyllenhammar saw early on that Volvo was too small to survive in the future, and attempted several times to merge with other manufacturers. Volvo nearly merged with Saab in the late seventies, while in 1978 an aborted affair would have seen the Norwegian state take over 40 percent of the company. In return, Volvo would receive 200 million SEK and a ten percent concession in the Oseberg oil field. Major institutional actors in Sweden opposed the deal and blocked it. A deal to merge with Renault was blocked in 1993, mainly opposed by a Swedish stockholders' association.