Schibsted and Telia have been discussing the terms for the establishment, operations and listing of «PanSOL» after the merger between Telenor and Telia was cancelled. The agreement solves all these issues. The process of restructuring and listing PanSOL as the leading Nordic portal will therefore move ahead rapidly.
«PanSOL» will be listed as quickly as possible. An initial share offering of approx. 20% is being discussed. Concurrently with the share offering Schibsted will sell 5% of its shares in PanSOL to Telia at the offering price and an additional 5% at the average trading price for the first 30 days after the listing.
Prior to the listing, Schibsted will own approximately 50 % of «PanSOL», Telias share will be approximately 25% and Telenor approximately 21 %. Employees and minority shareholders will own approximately 5%.
Oslo, 23rd February 2000
Mette D. Storvestre
Investor Relations Manager