granscole


logo


Swedish government postpones Nordea share Sale


 




Tuesday, 21 June 2011
The Swedish government is pushing the sale of the rest of its shares in Nordea Bank to the fall if this year.

According to a statement from the governmental department, continued sales of the portfolio will begin no earlier than mid-August and will take place in the stock market in small quantities over a long period of time. In this way, exposure to temporary fluctuations is expected to be reduced.

"Today there is an expectation of the near further divestiture of state holdings in Nordea. The sale on the current market climate is not timely, because we are clear that we want to create predictability, "said Financial Markets Minister Peter Norman in the press release.

The government's basic intention is to fully or partially liquidate state shareholdings in Nordea. The sale will only be made if market conditions are considered good.

Advertisement

The Government will provide further information in connection with when the sale will begins, and then provide regular information on how the sale proceeds will go on.

In the case of the autumn sale, in the autumn the government will sell Nordea shares of stock in small quantities in virtually every trading day (so-called market sales). The method is expected to lead to minimum negative impact on the share price, while the state will be less exposed to temporary fluctuations.

The government will continuously examine the choice of method to ensure an efficient sale.
"I think the concern we see in the financial markets shows that the state should not own bank shares. Revenues from the sale will reduce Sweden's national debt and thus vulnerability, "said Peter Norman.
The state currently owns an equivalent of 13.4 percent of the outstanding shares in Nordea to a value of SEK 36 billion in the current situation.
By scancomark.se Team


Print this article

What do you think about this article? Would you like to leave a comment? It will be much appreciated. You can also rate this article.

  • Should be Empty:














































































logo
Scandinavian Companies & Market Magazine
(C) 2010  Granscole Establishment Sweden AB. Registered in Sweden as a Media Company. Organisation Number: 556782-6572
F-Skatt (VAT) Number: SE556782657201