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Franklin Resources cuts stake in Norway's Orkla to 8.14 pct


Published : Fri, 13 Jul 2007 16:53
By : Agencies
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OSLO (Thomson Financial) - Franklin Resources Inc, the global investment management fund, said it sold 20 mln shares in Norwegian conglomerate Orkla ASA, taking its stake to 84.74 mln shares.

In an announcement to the Oslo Bors, Franklin said it now holds 8.14 pct of Orkla's issued share capital.

Franklin did not give the sale price for the transaction.

But on the market, Orkla shed 2.25 nkr to 113 nkr after Scandinavian investment bank Carnegie placed 20 mln shares in Orkla at 113 nkr each.

patrick.mcloughlin@thomson.com

pm/lam

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