Deals
Norway's Statoil Buys Minority Stake in Lundin Petroleum
- Explorer doesn't plan to seek representation on Lundin's board
- Acquisition agreed at `attractive price' amid weak oil market
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Statoil ASA, Norway’s biggest energy company, snapped up a 12 percent stake in Lundin Petroleum AB to increase its access to the giant Johan Sverdrup field.
Statoil bought about 37 million shares in the Stockholm-based company for about 4.6 billion kronor ($540 million), it said Thursday in a statement. The Norwegian producer supports Lundin’s management, board and strategy and has no plan to increase its stake.