PRESS DIGEST- New York Times business news - April 25
April 25 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
April 7 Telenor Asa:
* Telenor announces pricing of its offering of 70 million Veon common shares and ADSS (former Vimpelcom)
* Public offering at price of usd 3.75 per ads/share, resulting in net proceeds to telenor of usd 259 million
* The offering is expected to close on or about 12 April 2017
* Today's transaction represents 4.0 per cent of VEON's total outstanding common shares, leaving Telenor with approximately 346.7 million VEON ADSs (19.7 per cent of VEON's total outstanding common shares), including the VEON ADSs that are underlying Telenor's USD 1 billion, 3-year exchangeable bond due 2019
* Citigroup and Morgan Stanley have acted as joint global coordinators and joint bookrunners for the offering
* Following the transaction, VEON will no longer be treated as an associated company in Telenor's financial reporting and all of the previously recognised currency translation differences, amounting to an accounting loss of NOK 7.5 billion, including tax effects related to the hedging instruments, will be reclassified to the income statement'
* The net proceeds of USD 259 million (around NOK 2.2 billion) will be included in Telenor's cash flow statement for the second quarter 2017. Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)
NEW YORK, April 25 U.S. East Coast refiners are looking to buy increasing volumes of domestic crude oil from the Gulf Coast, two sources said, the latest twist in a trade flow upheaval in the wake of the opening of the Dakota Access pipeline.