Schibsted Trading Sharply Higher on JV Deal -- Market Talk
15 November 2014 - 2:39AM
Dow Jones News
1508 GMT Schibsted trades a full 31% higher on Friday at NOK477
a share, after the Norwegian media company agrees a joint ventures
for its online businesses in Asia and South America with Singapore
Press Holdings, South Africa's Naspers and Telenor. The joint
ventures mean merging classified operations in several countries,
creating clear market leaders, rather than competing for market
share. Schibsted says the deal is cash neutral, has no significant
tax effects and will result in a gain in the range of NOK300
million to NOK400 million ($44.2 million - $58.9 million), but adds
that the deal is subject to EU approval. Telenor is also trading
higher, up 1.7% at NOK156.7. (sven.grundberg@wsj.com)
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