Swedish government close to selling remaining stake in Nordea
Wednesday, 03 October 2012
The Swedish government, which still owns some 13.5 percent shares in
the Nordic banking giant Nordea, could be selling the rest or some of
the shares soon.
Swedish media sources are reporting that the government wants to
continue where it ended last years when it sold some share already. One
driver at this moment is that the share price of the company is strong
and thus would attract more revenue if sold at the current rate.
for the governments' political future, an injection of money from the
sale of Nordea shares into the state budget would increase the
governing alliance coalition's parties chance of re-election, some
The state currently owns 13.5 percent shares in Nordea. The holding is currently worth around Skr35 billion.
The share price of Nordea share today stand at Skr65 and are up to
Skr70, including dividends, the same level as when the government last
sold Nordea shares in February 2011 under the then Minister for
Financial Markets, Mats Odell. As such the company gave it a windfall
of Skr19 billion that was used to reduce the national debt.
Simon Blecher, manager of Carnegie Sweden Fund told the Swedish daily,
Svenka dagbladet that the single most important factor for the
government in terms of time, is that the share price remain strong.
An analyst who did not want to identified also believe that the
situation is favourable for several foreign banks who are look
negatively to underweight European banks and are directing their
attention to Swedish banks. So there are good opportunities to find
By Scancomark.com Team
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