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BRIEF-Orkla sells REC shares, enters swap deal
September 26, 2012 / 6:46 AM / 5 years ago

BRIEF-Orkla sells REC shares, enters swap deal

OSLO, Sept 26 (Reuters) - Orkla

* Orkla sold 200,000,000 shares in Renewable Energy Corporation ASA at a price of NOK 1.90 per share.

* Orkla has subsequently entered into a total return swap agreement with exposure to 200,000,000 shares in REC at the same price.

* Term to maturity is six months, unless the parties agree to cancel the agreement at an earlier date.

* After the trade Orkla will hold 329,569,968 shares in REC, corresponding to approximately 15.6% of the outstanding share capital and voting rights in the company.

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