| Norway’s first-ever withdrawal from its $860 billion sovereign wealth fund may be bigger than planned. Here’s why: The government has yet to account for a potential decline in payouts from Statoil ASA, of which it owns 67 percent. The oil producer has introduced a scrip dividend, allowing investors to take stock in-lieu of cash.
Norway has committed to keeping its stake intact and will have to accept shares in the same proportion as other owners, meaning its cash payout will be reduced. This possibility wasn’t apparent in Norway’s revised budget published last month, with the government estimating an unchanged income inflow this year of 15.4 billion kroner ($1.9 billion)...............................................Full Article: Source |