BUZZ-Norway's Telenor rise on media report of potential India sale

** Telenor shares rise 2.8 pct at 11.34 GMT vs 0.5 pct dropin the Oslo benchmark index and a 2.4 pct fall in theEuropean telecoms index

** Vodafone emerges as frontrunner for buying the Norwegianfirm's Indian business, The Economic Times of India reports onWednesday, citing two anonymous sources

** The paper says it's not clear if the deal will berestricted to the spectrum or include the company as well, butthat they agreed that the airwaves in the 1800 MHz band that canbe used to carry 4G will be valued at roughly $1 billion

** SEB analyst Fredrik Thoresen tells Reuters that thereport is the main driver behind Wednesday's positive shareprice reaction

** Thoresen says he thinks the firm potentially will leaveIndia before the spectrum auction in August/September, and thatthe price tag is in line with the brokerage's estimates

** Telenor declined to comment on the rumours

(RM: henrik.stolen.thomsonreuters.com@reuters.net)