A majority holding by a foreign owned company in a Norwegian one is legal, and requires no notification to of clearance of a governmental agency. However, in certain sectors governing vital national interests, such as the power and energy sector (including oil, gas and hydropower) and the finance sector (including financial, credit, and insurance institutions), certain limitations on ownership and business operations apply.
Obligation to Declare
No specific text of law regulates foreign direct investments, but various sectors are governed by specific laws, which are handled by the respective ministries that oversee these sectors.
Companies must obtain a concession to acquire rights to own or use various kinds of real property, including forests, mines, tilled land, and waterfalls. The Petroleum Act of November 1996 (superseding the 1985 Petroleum Act) establish that direct investments in petroleum exploration and exploitation are subject to a government licence. Media ownership is regulated by the Media Ownership Act of 1997 and the Norwegian Media Authority. No individual party, domestic or foreign, may control more than 1/3 of the national newspaper, radio and/or television markets without a concession. Financial Supervisory Authority permission is required for acquisitions of Norwegian financial institutions that exceed defined threshold level.
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