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Telenor going public

Despite a market correction that has slaughtered telecom stocks, the state-owned Norwegian telecommunications company has reiterated its plan to raise capital through a major stock offering before Christmas. Observers had speculated that Telenor's long-awaited appearance on the Oslo Stock Exchange could be delayed until the telecom market recovers. But the chairman of Telenor's board, Eivind Reitan, said preparations for an initial public offering were proceeding. One reason is that Telenor, which has grown rapidly through acquisitions, needs a cash infusion.