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Iceland May Buy Back Orka From Magma, Frettabladid Reports

Iceland’s Prime Minister Johanna Sigurdardottir is considering forcing Magma Energy Corp. to sell geothermal company HS Orka hf back to the state, Frettabladid reported, citing a speech to lawmakers.

Sigurdardottir made the comments to the Reykjavik-based parliament yesterday after more than 47,000 Icelanders signed a petition organized by singer-songwriter Björk Gudmundsdottir against the sale of Iceland’s third-biggest energy producer to the Canadian company, the newspaper said. The signatures where handed to Sigurdardottir and Finance Minister Steingrimur J. Sigfusson yesterday, Frettabladid said.

Magma completed its purchase of Orka on Dec. 23. The deal was approved by a parliamentary commission on March 22.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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