Business News

Schibsted ASA (SCH) – Flagging – Divestment of shares in Polaris Media

Friday 12. June 2009 - Schibsted ASA and Schibsted Print Media AS, a company where all shares are held by Schibsted ASA, have divested in total 17 751 236 shares, equivalent to 36.3% of the shares and votes (not taking into consideration the voting limitations stated in the articles of association), in Polaris Media ASA to SEB Enskilda AS for NOK 22.00 per share.

Total consideration is NOK 390 527 192. After the transaction Schibsted ASA holds 3 471 716 shares, equivalent to 7.1% of shares and votes (not taking into consideration the voting limitations stated in the articles of association), in Polaris Media AS. All these shares are held by Schibsted ASA directly.

Schibsted has simultaneously entered an agreement with SEB Enskilda where Schibsted maintains the financial exposure to the shares that are divested. The agreement has a maturity of one year and is base on normal commercial terms.

Both the agreement and the buyer are approved by the Norwegian Media Authority, and the conditions of the Media Authority to allow the establishing of Media Norge are thus met. As communicated earlier, it is intended to establish Media Norge in June 2009.

Schibsted is represented in the Board of Directors of Polaris Media.