Statoil ASA (NYSE:STO) has reportedly hired Citigroup (NYSE:C), Bank of America (NYSE:BAC) and ABG Sundal Collier Holding ASA to manage the initial public offering of their fuel and retail unit, according to a Bloomberg report.
Responding to declining reserves in the North Sea, Statoil is selling the stake in Statoil Retail & Fuel ASA to fund expansion to other regions of the world.
Expectations are the offering will generate as much as $1 billion, which would be the largest IPO in Norway since 2006.
Statoil applied for the IPO to the Oslo stock exchange on September 2, and if approved, will have 45 days to conduct the listing, based on the rules of the exchange.
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