Norwegian oil company Statoil ASA (STL.OS) Thursday confirmed its plans for an initial public offering of its retail unit Statoil Fuel & Retail ASA on the Oslo Stock Exchange.
Norwegian oil company Statoil ASA (STL.OS) Thursday confirmed its plans
for an initial public offering of its retail unit Statoil Fuel & Retail ASA
on the Oslo Stock Exchange.
The offering is expected to price during Oct., subject to market conditions and
to relevant approvals from the stock exchange, it added.
Statoil on Sept. 1 filed an application for the listing to the
Oslo
exchange.
Trond Omdal, analyst at Norwegian investment bank Arctic Securities, said at
the time that the market value of Statoil Fuel & Retail could be somewhere
between 10 billion and 12 billion Norwegian kroner ($1.69 billion-2.03
billion).
Statoil, which intends to remain a majority shareholder of the road
transportation fuel retailer, said the shares on offer will be sold to
institutional investors, eligible employees, and in a retail offering to the
Norwegian public.
"The size and time horizon of Statoil's future ownership in Statoil Fuel
& Retail will be tailored to support and develop company value both for
Statoil Fuel & Retail and for the Statoil Group," it said.
At 1328 GMT, Statoil's shares were down 0.5% at NOK122.20, against a 0.6% drop
in the wider
Oslo
market.
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