January 9, 2018 / 11:22 AM / a year ago

Norway's Schibsted eyes more acquisitions

OSLO, Jan 9 (Reuters) - Norwegian media company Schibsted’s Chief Executive Rolv Erik Ryssdal expects to make further acquisitions in online classifieds and is not threatened by competition from Facebook’s Marketplace, he told Reuters on the sidelines of a conference on Tuesday.

** I’m optimistic ... Facebook and other competitors clearly see the attractiveness of online classifieds, but their focus is somewhat different from ours. They try to make people spend more time on their site, and rely more on collaborations with partners

** The competition has increased our focus on product development, but so far the competition has expanded the total market instead of taking market shares

** Schibsted raised 2.5 billion Norwegian crowns ($308.50 million) in November to finance acquisitions and the CEO says they are monitoring opportunities continuously

** Our main focus is acquisitions in existing markets, but we are also looking at adjacent markets

** We have guided on a somewhat lower investment level in the years to come, because we have fewer countries we invest in, and those countries are mostly doing well

** We are happy with the development both in Spain and especially in France, but the competition in Spain is tough, and a stable Spanish economy will be very important in relation to our job sites

** Development in Mexico is somewhat slower than Brazil, and many people are comparing those two markets, but we are satisfied with the development in Mexico ($1 = 8.1036 Norwegian crowns) (Reporting by Camilla Knudsen, editing by Terje Solsvik)

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