October 26, 2018 / 5:46 AM / 20 days ago

Schibsted picks Oslo listing for fast-growing online ads unit

OSLO, Oct 26 (Reuters) - The planned listing of media group Schibsted’s international ads business will take place in Oslo, the company said on Friday, yielding to pressure from Norwegian shareholders who feared losing out from a potential foreign listing.

Schibsted, owner of newspapers in the Nordics as well as online classified ad sites in 22 countries, including France, Spain and Brazil, said in September it would split, with a separate listing of its non-Nordic MPI division.

Norwegian asset managers last week told Reuters they could be forced to sell out from the fast-growing unit if it listed abroad, as the company had suggested it might, due to restrictions in their investment mandates.

“The plan is first day of trading for MPI in April 2019, and we have decided to apply for listing of MPI at the Oslo Stock Exchange,” Chief Executive Rolv Erik Ryssdal said in a statement.

Schibsted reported third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of 865 million Norwegian crowns ($103.4 million) on Friday, beating a forecast of 831 million crowns in a Reuters poll of analysts. ($1 = 8.3655 Norwegian crowns) (Reporting by Terje Solsvik; Editing by Gopakumar Warrier)

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