Telenor Chairman Quits After ‘Lack of Confidence’ From Minister
Telenor ASA (TEL) Chairman Harald Norvik resigned after the Norwegian government questioned his handling of the sale of a stake in the country’s largest commercial television broadcaster.
Trade and Industry Minister Trond Giske “expressed a lack of confidence” in Norvik, citing his handling of the sale of the Fornebu, Norway-based company’s remaining stake in TV2 in January this year, Norvik said in a statement.
A-Pressen AS, owned by Telenor and Norway’s LO trade union, agreed to sell its stake in the broadcaster to Egmont International Holding A/S, a closely held Copenhagen-based media company and publisher, for 2.1 billion kroner ($366 million) in January. The Norwegian government owns a 54 percent stake in Telenor.
Giske exerted pressure on Telenor not to sell A-Pressen’s stake as he preferred a Norwegian owner for the TV station, Norvik said Jan. 13. Giske said that he didn’t breach policy in raising questions about Telenor’s move to sell its holding in the broadcaster.
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