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4-Traders Homepage  >  Equities  >  Oslo Bors  >  Telenor ASA    TEL   NO0010063308

Delayed Quote. Delayed  - 09/26 02:02:37 pm
134.2 NOK   -1.83%
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Telenor : chairman quits over TV2 deal

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05/02/2012 | 03:54pm CEST

Telenor chairman Harald Norvik quit on Wednesday after the government, which owns 54 percent of the Norwegian group, withdrew support for him over the sale of TV2, the country's top commercial channel.

The resignation capped months of controversy since a company jointly owned by Telenor and labor unions sold its 50 percent stake in TV2 to Egmont for 2.1 billion Norwegian crowns ($367 million) in January, giving the Danish firm 100 percent control.

"The Minister of Trade and Industry, Mr. Trond Giske, representing the majority shareholder in Telenor ASA, today expressed a lack of confidence in the chairman of Telenor, following the handling of the TV2 issue in January this year," Norvik said in a statement.

Giske, who did not have the power to block the TV2 deal, had previously expressed dismay that the channel would end up in foreign ownership and likened the sale to selling off family silver. He declined to comment on Wednesday.

Telenor has also drawn fire recently for its difficulties in India, a market it may be forced to exit after the government cancelled 122 licenses following a corruption-tainted sale.

Norvik said his decision to leave was not related to the firm's Indian troubles.

($1 = 5.7213 Norwegian crowns)

(Reporting By Victoria Klesty; Editing by Dan Lalor)

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Financials ( NOK)
Sales 2016 132 901 M
EBIT 2016 24 955 M
Net income 2016 13 830 M
Debt 2016 65 775 M
Yield 2016 5,67%
P/E ratio 2016 14,97
P/E ratio 2017 12,66
EV / Sales 2016 2,04x
EV / Sales 2017 2,00x
Capitalization 205 249 M
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Mean consensus HOLD
Number of Analysts 29
Average target price 153  NOK
Spread / Average Target 12%
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NameTitle
Sigve Brekke President & Chief Executive Officer
Gunn Wærsted Chairman
Sven Størmer Thaulow COO & Senior Vice President-Telenor Digital
Morten Karlsen Sørby Chief Financial Officer & Executive Vice President
Ruza Sabanovic Chief Technology Officer & Executive VP
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