OSLO (Reuters) -Norway’s Equinor said on Monday it has bought a 9.8% stake in Danish renewable energy group Orsted (CSE:) and plans to raise this to 10%, making it the second largest shareholder after the Danish state.
Orsted’s share price rose on the news, trading 4% higher at 1011 GMT.
“Equinor is supportive of Orsted’s strategy and management, and is not seeking board representation,” the Norwegian group said in a statement.
Equinor’s ownership position was built over time, through a combination of market purchases and a block trade, it added.
Equinor currently does not plan to raise its stake beyond 10%, the Norwegian company added.
