Norway's Schibsted plans to return $2.2 bln to shareholders

Adevinta ASA

22/03/2024 08:26

COPENHAGEN, March 22 (Reuters) - Norway's Schibsted
 SCHA.OL  said on Friday it plans to return 24 billion crowns
($2.24 billion) to shareholders through a 20 billion dividend
and a multi-year 4 billion buyback programme.
    Schibsted said in a statement the money makes up the bulk of
proceeds from its sale of a 60% stake in Adevinta and from the
the sale of its media operations to its main owner Tinius Trust.
    Schibsted expects to receive 29 billion crowns in total from
the two divestments.     
    Its shares rose around 8% in early trade at Oslo's stock
exchange.       
    The remaining 5 billion crowns from the proceeds will be
used to reduce debt, it said.
($1 = 10.7208 Norwegian crowns)


($1 = 10.7311 Norwegian crowns)

 (Reporting by Louise Breusch Rasmussen, editing by Anna
Ringstrom)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))