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Telenor bows out of Viag, takes cash

Telenor, the Norwegian telecommunications concern newly listed on stock exchanges in New York and Oslo, is selling its 10-percent interest in the private German telecom provider Viag, thereby freeing up USD 2.3 billion (NOK 20 billion) in much-needed cash. By comparison, the company raised USD 1.7 (NOK 15 billion) in its recent stock offering. The company said it intended to use most of the cash to pay off debt.