{"id":1290,"date":"2014-08-29T11:03:00","date_gmt":"2014-08-29T09:03:00","guid":{"rendered":"http:\/\/haavind.local\/en\/2014\/08\/29\/newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies\/"},"modified":"2022-07-21T12:51:44","modified_gmt":"2022-07-21T12:51:44","slug":"newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies","status":"publish","type":"post","link":"https:\/\/haavind.stage01.dekodes.no\/en\/newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies\/","title":{"rendered":"Proposal for reduced State ownership in Norwegians companies"},"content":{"rendered":"\t
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Proposal for reduced State ownership in Norwegians companies<\/h1>\n\n

In the new white paper on direct ownership in State-owned enterprises, the Norwegian Government asks for consents from the Parliament to reduce State ownership in several\u00a0companies, including Telenor ASA, Kongsberg Gruppen ASA, SAS AB and Cermaq ASA, creating interesting business opportunities in Norway for foreign investors.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t

<\/div>\n\t\t\t\t\t
\n\t\t\t\t\t\t29 August, 2014 \u00b7 6 min. reading time<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\n
\n\t\t\t\tWritten by<\/span>\n\t\t\t\t
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\n\t\t\t\t\t\tKjetil Hardeng<\/span>\n\t\t\t\t\t\tPartner<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t\t
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\n\t\t\t\t\t\tBj\u00f8rn Olav Torpp<\/span>\n\t\t\t\t\t\tPartner<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t\t
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\n\t\t\t\t\t\tHerman Bondeson<\/span>\n\t\t\t\t\t\tAssociate Partner<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/a><\/div>\n\t\t\t\t
\n\t\t\t\tTopics<\/span>\n\t\t\t\t
Corporate M&A<\/a>Stock exchange and capital markets<\/span><\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n

In the new white paper on direct ownership in State-owned enterprises, the Norwegian Government asks for consents from the Parliament to reduce State ownership in several\u00a0companies, including Telenor ASA, Kongsberg Gruppen ASA, SAS AB and Cermaq ASA, creating interesting business opportunities in Norway for foreign investors.<\/p>\n\n\n

The white paper (Meld. St. 27 (2013-2014)) deals with the Norwegian State\u2019s direct ownership in 55 enterprises.The State has a comprehensive ownership comprising amongst other of one third of the values listed on the Oslo Stock Exchange. The ratio between listed and non-listed state-owned shares is 35-65, while the total value of the shares held by the State amounted to approximately NOK 665 billion as of end of 2013.
\nCompared to previous white papers on state ownership, where focus has been to maintain extensive State ownership, the new Government\u2019s proposal represents a clear change of direction. It is stated that private ownership should be the principle and that state ownership must be justified specifically.<\/p>\n\n\n\n

Categories of companies<\/strong>
\nIn the white paper, the State\u2019s ownership is divided into four categories:<\/p>\n\n\n\n

CATEGORY 1
\nCompanies in which the State has a sole investment purpose
\nThe Government will ask the Parliament for authorisations to sell, in part or full, the State\u2019s shares in all
\ncompanies in this category (see list of largest companies in the table below).<\/p>\n\n\n\n

CATEGORY 2
\nCompanies in which the State, in addition to its investment purpose, also considers State ownership a key to maintain main headquarter functions in Norway<\/p>\n\n\n\n

Proposals will also be made for authorisations to reduce the State\u2019s ownership in Kongsberg Gruppen ASA and Telenor ASA down to 34 percent. By maintaining a shareholding of 34%, the State can ensure that the companies remain in Norway. Further, there are reasons to believe that the Government in the next years
\nwill consider also a sale of shares in Statoil ASA.<\/p>\n\n\n\n

CATEGORY 3
\nCompanies in which the State has other more specific defined purposes with its shareholding, e.g. the management of common natural resources<\/p>\n\n\n\n

In this category few changes in State ownerships are expected. However, specific privatisation proposals could be made in respect of Posten Norge AS, NSB AS and Statkraft SF.<\/p>\n\n\n\n

CATEGORY 4
\nCompanies with sectoral policy objectives
\nThis category includes companies in which the Government believes State ownership is well justified and where no changes are proposed in the period up to 2017.<\/p>\n\n\n\n

Table of companies where changes to ownership structure is expected<\/strong>Company<\/strong>Category <\/strong>Business<\/strong>Market value (MV) or equity value (EV)<\/strong>State ownership<\/strong>\n\n\nCermaq ASA\n1 \u2013 Sell\nFish farming\nMV: MNOK 9 900\n59.17%\n\n\nEntra Holding AS\n1 \u2013 Sell\nProperties\nEV: MNOK 7 878\n100%\n\n\nFlytoget AS\n1 \u2013 Sell\nAirport train\nEV: MNOK 968\n100%\n\n\nMesta AS\n1 \u2013 Sell\nConstruction and civil engineering of roads\nEV: MNOK 897\n100%\n\n\nSAS AB\n1 \u2013 Sell\nAirline\nMV: MNOK 5 128\n14.3%\n\n\nKongsberg Gruppen ASA\n2 \u2013 Reduce to 34%\nSupply of high-technology systems to oil and gas industry, the merchant marine, and the defence and aerospace industries\nMV: MNOK 15 300\n50.001%\n\n\nStatoil ASA\n2- No sale consent requested, but ownership reduction expected\nOil\/gas\nMV: MNOK 468 731\n67%\n\n\nTelenor ASA\n2-Reduce to 34%\nTelecom\nMV: MNOK 219 304\n53.97%\n\n\nNSB AS\n3-Changes in ownership expected due to forthcoming railway reform\nRailway transport\nEV: MNOK 7 676\n100%\n\n\nPosten Norge AS\n3-Changes in ownership expected due to forthcoming regulations\nPost services\nEV: MNOK 6 050\n100%\n\n\nStatkraft SF\n3-Sale or listing expected\nEnergy\nEV: MNOK 62 849\n100%\n\n\n<\/p>\n\n\n\n\n\n

Process<\/strong>
\nIt is expected that at least the main proposals in the white paper will be sanctioned by the Parliament in November or December this year. In light of the next election to the Parliament taking place in 2017, it is expected that the Government will complete all relevant sales processes before summer 2017.<\/p>\n\n\n\n

Investment in Norway at a glance<\/strong><\/p>\n\n\n\n

The Norwegian capital market. The capital market in Norway is to a large extent energy driven. Norway is the third largest exporting nation of gas, and fifth in the world when it comes to oil export. Companies within the energy sector represent 40% of the value of the Oslo Stock Exchange (OSE).<\/p>\n\n\n\n

The bond market on the OSE has been by far the most attractive market for financial instruments in the Nordic countries in the period 2005-2013. During this period, 202 new companies have been listed on the OSE, compared to 74, 56 and 24 on the stock exchanges in Stockholm, Copenhagen and Helsinki, respectively. The companies listed on the OSE also raised more than three times the funds compared to companies on the other stock exchanges in the Nordic countries.<\/p>\n\n\n\n

In 2012, Norway had the fifth highest rate of venture capital investments, relatively to its population.<\/p>\n\n\n\n

Foreign investments. The largest share of foreign investments in Norway were made by Swedish investors (23%), followed by investors from the Netherlands (14%), France (8%), USA (7%), UK (7%) and Denmark (7%). In total, foreign investors hold shares representing 37% of the market value on the OSE<\/p>\n\n\n\n

Company tax rate and audit. The general tax rate for individuals and companies was with effect from 2014 reduced to 27%, and the wealth tax to 1%, at the same time as the basic tax free allowance was increased to NOK 1 mill, and the inheritance duty was removed. There are also ongoing considerations to implement
\nadditional net tax reductions.<\/p>\n\n\n\n

Competition clearances. The thresholds for mandatory filing of mergers and acquisitions in Norway have recently been increased. Under the previous legislation, mergers and acquisitions had be notified to the Norwegian Competition Authority if the undertakings concerned had a combined annual turnover in Norway of NOK 50 million, and at least two of the undertakings had an annual turnover in Norway of NOK 20 million. From 1 January 2014 the thresholds were raised to NOK 1 billion for the combined turnover, and NOK 100 million for at least two of the undertakings.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the new white paper on direct ownership in State-owned enterprises, the Norwegian Government asks for consents from the Parliament to reduce State ownership in several\u00a0companies, including Telenor ASA, Kongsberg Gruppen ASA, SAS AB and Cermaq ASA, creating interesting business opportunities in Norway for foreign investors.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"sector":[],"speciality":[16,30],"acf":[],"yoast_head":"\nProposal for reduced State ownership in Norwegians companies - Haavind EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/haavind.stage01.dekodes.no\/en\/newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proposal for reduced State ownership in Norwegians companies\" \/>\n<meta property=\"og:description\" content=\"In the new white paper on direct ownership in State-owned enterprises, the Norwegian Government asks for consents from the Parliament to reduce State ownership in several\u00a0companies, including Telenor ASA, Kongsberg Gruppen ASA, SAS AB and Cermaq ASA, creating interesting business opportunities in Norway for foreign investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/haavind.stage01.dekodes.no\/en\/newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies\/\" \/>\n<meta property=\"og:site_name\" content=\"Haavind EN\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-29T09:03:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-21T12:51:44+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/haavind.stage01.dekodes.no\/en\/newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies\/\",\"url\":\"https:\/\/haavind.stage01.dekodes.no\/en\/newsletter-proposal-for-reduced-state-ownership-in-norwegians-companies\/\",\"name\":\"Proposal for reduced State ownership in Norwegians companies - 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