Norway ups StatoilHydro stake to 67 percent

The Norwegian government said on March 5 it had finished purchases of StatoilHydro shares after raising its stake to a planned 67 percent.

Terje Riis-Johansen, Minister of Petroleum and Energy, says it has been a huge and demanding transaction over a long period of time.

The government sought to increase its ownership in StatoilHydro after Statoil’s 2007 take-over of Norsk Hydro’s oil and gas assets diluted the state stake. The government used 16 brokerages in the operation, which began on June 2, 2008. Norway bought 143.4 million StatoilHydro shares for $2.73 billion, reports Reuters.com.

The average share purchase price was 134.5 crowns. On Feb. 5 the stock was down 1.5 percent at 115.50 NOK, having lost about one percentage point after the government’s announcement.

Source: Regjeringen.no

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