Norwegian announced on Thursday morning that they are buying Widerøe for NOK 1.1 billion.
Photo: JONATHAN NACKSTRAND / AFP / NTBPublished:
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The main index on the Oslo Stock Exchange falls 0.65 per cent at 11.00.
On Wednesday, Børsen ended with an increase of 0.85 per cent.
One barrel of North Sea oil (burnt spot) trades for $76.97, an increase of 0.72 percent since midnight.
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Norwegian buys Widerøe
Norwegian has agreed with Widerøe to buy the company for NOK 1.1 billion.
Norwegian estimates the value of the company to be NOK 2 billion, but the purchase price is set at NOK 1.125 billion.
The Norwegian share rose over six percent on Oslo Børs shortly after opening.
At 11.00 am the share rises 2.76 per cent.
The final price will depend on certain conditions, including an adjustment for Widerøe’s profitability in 2023, Norwegian writes in a stock exchange announcement.
– This is a milestone in Norwegian aviation history. Our two airlines have operated side by side for many years and no one knows the aviation market in Norway better. With this transaction, we will now create a streamlined and more comprehensive offer, says CEO of Norwegian, Geir Karlsen.
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The companies must still be run separately, according to the stock exchange announcement. Employees will continue to be employed by Widerøe and Norwegian respectively.
– A very high level of Norwegian tax in combination with tough international competition makes it difficult for a small, regional airline to manage without a strong partner, says Widerøe CEO Stein Nilsen.
The Norwegian Competition Authority tells E24 that the Widerøe acquisition cannot be carried out until they have approved it.
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Earlier on Thursday morning, Norwegian presented traffic figures which showed that the company carried two million passengers in June. This is the highest number of passengers since June last year.
The company writes in a stock exchange announcement that the booking figures for the summer are positive, and that the outlook for aviation also looks good for August and September.
Stolt-Nielsen had a turnover of 722 million dollars
There has also been a number of other stock market news in the morning hours on Thursday:
Stolt-Nielsen reported before the stock market opened on Thursday an operating profit of 10.1 million dollars in the second quarter of 2023, compared to 112 million dollars in the same quarter the previous year. Operating income was 722 million dollars in the quarter, compared to 689 million dollars in the corresponding quarter of the previous year. The share rises 3.37 percent.
Okea adjusts the value of the Yme field due to weaker price prospects, and reports an expected write-down of between NOK 250 million and NOK 350 million before tax, and NOK 55-75 million after tax in the second quarter.
The company writes that in a update before the quarterly report on 13 July.
The Okea share rises 0.38 percent.
The airline Norse Atlantic carried 97,000 passengers in June. They can also report a fill rate of 83 percent. This is an increase for the fourth consecutive month.
Norse Atlantic falls 0.09 percent.
The seafood giant Lerøy slaughtered a total of 29,700 tonnes of salmon and trout, measured in gutted weight (GWT), in the second quarter of 2023. The company presents a full report for the second quarter on 23 August.
The Lerøy share falls 1.79 percent.
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2023-07-06 07:00:30
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