Posten reduces its stake in Torget

Posten today announced its decision to reduce its stake in shopping portal Svenska Torget AB. Emerging Technologies (ET), a minority owner in Torget since 2000, will acquire shares representing 45 percent of Torget from Posten. After the deal, ET will own 80 percent of the outstanding shares, Posten will retain a 15 percent stake, and minority interests will hold the remaining 5 percent. The operations agreement between Torget and Posten AB will not be affected by the changes. – The decision to sell a majority of its shares in Torget is an expression of Posten’s strategy to focus on core operations, said Agne Pettersson, Chairman of Torget AB and Vice President of Posten. Coincident with its increased ownership, ET will make appropriate staff adjustments that complement changes already made by Torget and that reflect current market conditions. The company’s goal is to avoid job cuts.

Date should read 2001