BlueNord to Merge into Vår Energi; Eni to Retain Majority Stake in Vår Energi

01:30 AM EDT, 07/21/2026 (MT Newswires) -- BlueNord (BNOR.OL) agreed to merge into fellow Norway-listed oil and gas company Vår Energi (VAR.OL), according to a Tuesday release. Under the deal, BlueNord shareholders will receive 9.7153 newly issued Vår Energi shares and 76.83 Norwegian kroner in cash for each share held. Vår Energi shareholders will own 90.95% of the outstanding shares, while BlueNord shareholders will own 9.05% of the shares in Vår Energi upon completion of the deal. Eni (ENI.MI) is expected to remain the long-term strategic majority shareholder with 57.33% ownership. Subject to the approval by BlueNord shareholders and regulatory clearances, the transaction is expected to close by the end of 2026.