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NOK181.35 0.1  0.1%

Last Trade - 06/05/21

Sector
Financials
Size
Large Cap
Market Cap £24.48bn
Enterprise Value £56.71bn
Revenue £5.06bn
Position in Universe 31st / 1838

UPDATE 1-Norway government abandons right to sell Telenor stake

Fri 22nd November, 2019 7:26am
(Adds quote, detail)
    OSLO, Nov 22 (Reuters) - Norway's centre-right government
will give up its right to sell a 20% stake in telecoms operator
Telenor  TEL.OL , it said in a statement on Friday.
    Parliament authorised a plan in 2015 to allow the government
to reduce its ownership in the group to 34% from the current
54%, but no action was taken to proceed with a sale.
    Telenor is Norway's third-largest listed firm after oil firm
Equinor  EQNR.OL  and bank DNB  DNB.OL . At its current share
price, a 20% stake in Telenor is worth 47.8 billion Norwegian
crowns ($5.23 billion).
    "The authorisation has not been utilised and, based on an
overall assessment, the government sees no need to extend it,"
Minister of Trade and Industry Torbjoern Roe Isaksen said.
    "The state's rationale for its ownership of Telenor is to
maintain a leading technological and industrial company with
head office functions in Norway. The state's goal as an owner is
the highest possible return over time," he added.
 ($1 = 9.1361 Norwegian crowns)

 (Reporting by Terje Solsvik; Editing by Edmund Blair and Alex
Richardson)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))
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