Statoil ASA announced Thursday that it has acquired a minority stake in Lundin Petroleum AB for a total price of approximately SEK 4.6 billion ($539 million).
As part of the deal, Statoil purchased 37,101,561 shares in Lundin, which translates to 11.93 percent of the shares and votes of the company. Through the acquisition of a minority stake in Lundin, Statoil will increase its exposure to projects such as Johan Sverdrup and Edvard Grieg on the Norwegian Continental Shelf.
Commenting on the deal, Eldar Sætre, president and CEO of Statoil ASA, said in a company statement:
“We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS.”
Statoil has stated that it is supportive of Lundin Petroleum’s management, its board of directors and the company’s strategy. There is currently no plan to increase Statoil’s shareholding in Lundin.
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