Government proposes Telenor share sale

20 Jun 2014

Norway’s government yesterday announced plans to sell off a combined NOK47 billion (USD7.8 billion) tranche of shares in telecoms giant Telenor and industrial conglomerate Kongsberg Gruppen, reports English-language news site TheLocal.no. The state currently holds a 53.97% equity stake in Telenor Group, while it owns 50% of Kongsberg Gruppen, and Industry Minister Monica Maeland was quoted as saying that she would ask parliament for permission to cut the state’s stake in both companies to 34%, reportedly the minimum required to ensure their headquarters remain in Norway. The minister elaborated: ‘I’m underlining that we’re in no rush to make changes, and a permission doesn’t mean that we’re obliged to sell … Any change will depend on commercial considerations, taking into account company-specific aspects as well as market conditions,’ while she has also confirmed that the government will not block overseas companies from buying the shares in either firm.

Norway, Telenor Group, Telenor Norge