By Meera Bhatia and Marianne Stigset
Oct. 7 (Bloomberg) -- Statoil ASA, Norway’s largest oil and gas company, aims to raise 3.84 billion kroner to 4.92 billion kroner ($850 million) by selling shares in its gas station and transport fuel unit.
Statoil will sell as many as 120 million stocks, or 40 percent of the share capital of Statoil Fuel & Retail ASA. They will be offered at 32 kroner to 41 kroner each, the Stavanger- based company said today. There will be an over-allotment option of as much as 15 percent of the base deal.
The unit runs about 2,300 gas stations in eight countries, including in Sweden, Norway and Poland and also supplies lubricants, aviation and marine fuels. Its net income rose to 778 million kroner in the first half of this year from 38 million kroner a year earlier, it said in the prospectus.
“This transaction provides Statoil Fuel & Retail with a strong platform for further growth and development,” Helge Lund, chief executive officer of Statoil, said in the statement. The company “will benefit from a new ownership structure.”
Statoil shares fell 1 krone, or 0.8 percent, to 126.9 kroner as of 5:30 p.m. in Oslo.
Statoil said the book building for the initial public offering will start on Oct. 8 and the shares are expected to be listed on the Oslo Stock Exchange on Oct. 22. It would be the largest in Norway since Renewable Energy Corp.’s $1.12 billion listing in May 2006.
Majority Shareholder
Statoil will be a majority shareholder at the time of the IPO and listing, according to the statement. “The size and time horizon of Statoil’s future ownership in SFR will be tailored to support and develop company value both for SFR and for Statoil ASA,” the company said.
Statoil Fuel & Retail CEO Jacob Schram said on a conference call today that the company has a “strong” balance sheet and a “robust” dividend capacity. The company intends to keep its market leading position in Scandinavia and has a “well established” and “value enhancing” platform for growth in central, eastern Europe, he said.
Statoil in 2006 sold its Irish service stations and fuel- distribution unit. Oil companies such as BP Plc and Exxon Mobil Corp. have sold gas stations in recent years to focus on exploration. Royal Dutch Shell Plc last year said it may sell service stations in Sweden. Eni SpA agreed to buy Exxon’s supply and distribution operations in Austria in January.
Managers
Statoil, which has operating rights on about 80 percent of Norway’s oil and gas production, is raising funds to expand abroad to counter dwindling North Sea reserves. Oil output offshore Norway is forecast to drop 6 percent in 2010, declining for a 10th year, according to the Petroleum Directorate.
ABG Sundal Collier Norge ASA and Citigroup Global Markets Ltd. are acting as joint global coordinators and, together with BofA Merrill Lynch as joint bookrunners, Nordea Markets is senior lead manager and retail coordinator, while Barclays Capital and Carnegie ASA are co-lead managers. Rothschild and Arctic Securities are financial advisers to Statoil.
--Editor: Jonas Bergman
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