OSLO: Norway's Statoil has proposed buying back and cancelling up to 7.1 percent of its shares by mid-2015 to reward shareholders and adjust the group's capital structure, it said on Monday.
It would buy back up to 75 million shares or 2.4 percent of all shares from the group available on the market while the rest would be bought back from the state, ensuring that the government's 67 percent stake does not change.
"It is a precondition that the repurchased shares are subsequently annulled through a resolution by a new general meeting to reduce the company's share capital," Statoil said in a statement.
"It is also a precondition for the repurchase and the annulment of own shares that the state's ownership interest in Statoil ASA is not changed, it added.
The total repurchase, including the government's stake, would involve up to 227.3 million shares.
Comments
Comments are closed for this article.