Statoil Starts Process To List Energy And Retail Business
March 18 2010 - 1:40AM
Dow Jones News
DOW JONES NEWSWIRES
Statoil said late Wednesday its board of directors has decided
to start a process to list its energy and retail business on the
Oslo Stock Exchange.
MAIN FACTS:
-Further to the announcement made on Feb. 3 2010, Statoil has
approved the proposal to create a stand-alone Energy & Retail
(E&R) business through an initial public offering (IPO) on the
Oslo Stock Exchange.
-The IPO will take place at the earliest in 4Q 2010 or at a time
when the capital market is deemed favourable for such an
offering.
-Statoil intends to remain a majority shareholder of E&R at
the time of the initial public offering and listing.
-The size and time horizon of Statoil's future ownership in
E&R will be tailored to support and develop company value both
for E&R and for the Statoil Group.
-By Stockholm Bureau, Dow Jones Newswires; +46-8-5451-3090;
djnews.stockholm@dowjones.com