2/21/2012

The Norwegian Competition Authority has today approved Oslo Bolig- og Sparelags' (OBOS) acquisition of 494 488 026 shares in Fornebu Utvikling ASA (FBU) from Orkla, QVT, Canica og Macama at a price of NOK 2.45 per share. Consequently, OBOS owns a total of 767 014 345 shares in FBU, corresponding to 92.4 % of the shares.


The completion of the acquisition obliges OBOS, in accordance with the applicable law, to give a mandatory offer to all shareholders. OBOS has today confirmed that the offer will be made.

In accordance with the statutory requirements, the company will provide a statement to the shareholders about the offer. The opinion will be presented as early as possible, and no later than one week prior to the expiration of the offer period for the mandatory offer. The Board of Directors in FBU has engaged DNB Markets as its financial advisor and Advokatfirmaet Thommessen as its legal advisor.

OBOS has additionally decided to execute a compulsory acquisition of the remaining shares in FBU, which the ownership over 90 % enables them.

For further information, please contact:

CEO Morten Grongstad, tel.: +47 99 15 39 05

CFO Gisle Glück Evensen, tel: +47 91 80 05 66

About Fornebu Utvikling ASA:

Fornebu Utvikling (FBU) is a Norwegian real estate company listed on the Oslo Stock Exchange. The Group develops and sells attractive housings of high quality. Currently, the Group has development projects at Fornebu outside Oslo (Norway) and in Odense (Denmark).

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.