TELNY Telenor ASA (QX)

1508 GMT Schibsted trades a full 31% higher on Friday at NOK477 a share, after the Norwegian media company agrees a joint ventures for its online businesses in Asia and South America with Singapore Press Holdings, South Africa's Naspers and Telenor. The joint ventures mean merging classified operations in several countries, creating clear market leaders, rather than competing for market share. Schibsted says the deal is cash neutral, has no significant tax effects and will result in a gain in the range of NOK300 million to NOK400 million ($44.2 million - $58.9 million), but adds that the deal is subject to EU approval. Telenor is also trading higher, up 1.7% at NOK156.7. (sven.grundberg@wsj.com)

 
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