Norway’s minority government is seeking approval to sell a 19.97% stake worth around US$7.1bn in its incumbent telco Telenor.
A plan that would cut the holding from 53.97% to 34% is being presented to the Norwegian parliament today as part of its…
Norway’s minority government is seeking approval to sell a 19.97% stake worth around US$7.1bn in its incumbent telco Telenor.
A plan that would cut the holding from 53.97% to 34% is being presented to the Norwegian parliament today as part of its drive to reduce the state’s role in the economy.
Telenor has a market cap of NKr218bn (US$35.5bn), and the government is also looking to sell a 16% stake worth around US$440m in industrial group Kongsberg Gruppen.
“I would like to emphasise that there is no need for changes in state ownership in these companies in the short-term and there is no obligation to divest shares,” said Monica Mæland, Minister of Trade and Industry.
“Any change will depend on commercial considerations taking into account company-specific aspects as well as market conditions, among other factors.”
She added that retaining at least a 34% stake in both companies will ensure their headquarters remain in the country.
