Lundin mulls spinning off assets outside Norway

Sweden’s Lundin Petroleum is considering spinning off its producing assets outside of Norway into a separate independent entity.

Lundin revealed Monday its board had proposed spinning off the company’s assets in Malaysia, France and the Netherlands into a new company named International Petroleum Corporation (IPC).

IPC shares will be distributed to Lundin shareholders on a pro-rata basis, with Ludin shareholders eligible for one IPC share for every three shares held in Lundin, with the Lundin family, and entities related to it, to be the largest shareholder in new company following the distribution.