OSLO (AFX) - Schibsted ASA said it has agreed to pay 472 mln nkr to Mecom Group PLC unit Orkla Media for its 28.5 pct stake in Bergens Tidende AS, the regional newspaper group, to facilitate the creation of 'Media Norge', the planned Norwegian media group.
The agreement, which is for almost 444,000 shares at 1,063.57 nkr per share, will increase Schibsted's holding in Bergens Tidende to 52.8 pct.
Schibsted said this transaction will increase the probability of establishing the new listed group, Media Norge.
A final merger agreement and plan is to be reviewed by the boards as soon as possible, and will then be presented to shareholders at a series of EGMs.
It is still the intention that Schibsted will hold 50.1 pct of the shares in Media Norge.
As part of the creation of the group, Schibsted said it has agreed to sell a 28.5 pct stake in Bergens Tidende to Roll Severin AS at a later date, alone or as part of a group.
The sale will be done at the same price as Schibsted's purchase, and will be carried out after the EGM deciding on the Media Norge merger. alastair.reed@afxnews.com ar/jsa COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited