FORNEBU, Norway, Dec. 10, 2007 (PRIME NEWSWIRE) -- Telenor ASA has on December 7, 2007 purchased 700,000 own shares at an average price of NOK 137.12 per share. After this transaction, Telenor ASA owns a total of 875,000 shares. The transaction is part of a buyback authorisation approved by Telenor's Annual General Meeting on May 15, 2007.
Telenor's largest shareholder, the Kingdom of Norway, has committed to participate in the buyback by cancelling a proportionate part of its shares, leaving their ownership unchanged. The compensation for the Kingdom of Norway's shares to be cancelled will be determined by the average price paid in the market under the buyback, plus an interest based on NIBOR +1.0 percent p.a., calculated from the dates of purchases under the buyback until payment to the Kingdom of Norway at the time of cancellation.
Any further buyback transactions under this authorisation will be disclosed at Oslo Stock Exchange and on www.telenor.com.