Orkla and Norway Seafoods have signed an agreement on Frionor

Date:Tor, 21/11 1996 Orkla

Orkla has entered into an agreement with Norway Seafoods ASA (NWS) which entitles NWS to take over Orkla's shares in Frionor A/S (Frionor).

The agreement between Orkla and NWS entitles NWS to take over Orkla's 1,662,994 Frionor shares at a price of NOK 225 per share against a settlement in NWS shares at NOK 50 per share. The transaction will give Orkla a shareholding in NWS of approximately 10.6%. Orkla's total shareholding in NWS will therefore be approximately 16.8%. Orkla also has an option on a further 2 million NWS shares at NOK 54 per share. If Orkla takes up the option, which expires on 31 August 1998, subscription will be in the form of a private placement. If Orkla fully utilises the option, Orkla's total shareholding in NWS will be approximately 19%. The agreements are subject to the approval of the NWS shareholders' meeting. It is the parties intention that the transaction will be finally completed by the end of January 1997.

Lisbeth Lindberg, Director Information and Investor Relations, tel.:+47 22 50 10 80

Orkla Hugin