Friday, May 24, 2019
Maritime Propulsion

September 28, 2018

Norway Should Invest in Kongsberg Share Issue -Government

(File photo: Kongsberg)

Norway should invest about 2.5 billion Norwegian crowns ($306.26 million) in Kongsberg Gruppen's planned share issue, to help pay for the firm's acquisition of Rolls-Royce's Commercial Marine unit, the government proposed on Friday.

If approved by parliament, the proposal would allow the government to uphold its stake of 50.01 percent in Kongsberg Gruppen.

The acquisition and the government's intention to take part in a share issue were first announced in July.

($1 = 8.1631 Norwegian crowns)

(Reporting by Terje Solsvik, editing by Nerijus Adomaitis)