The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Swedish flagship heavy duty vehicle maker, VOLVO shifting ownership toward Norwegians.

Saturday, 23 February 2013
The Norwegian oil fund, the Norwegian government's wealth found in challenging hard into Swedish assets such that one of the darlings of the Swedish households and investors, Volvo AB is gradually being swept away by the Norwegians.

After Ericsson, many Swedes own shares and stake in one way or the other in Volvo but that is gradually changing as the Norwegians are strategically starting biting into it.
After making a first step by buying the Renault's holdings, the Norwegians have now become the third largest shareholder.

Now automatic maker, Volvo is increasingly becoming Norwegian. The State Oil Fund, which manages the parts of the country's enormous oil revenues, has recently made a power bid in the Western Swedish engineering jewel.

When the French Renault in December decided to sell its holding in Volvo, it released 28 million "A" shares on to the market. Of these, the oil fund devoured 13 million, while Industrivärden dived at 10 million.

Since then, the oil fund bought more than 3 million A shares, but sold 6,000,000 B shares.

This development means that the Norwegians have now become the third largest shareholder in the company with 5.3 percent of votes. Industrivärden still stand strong though with 18.7 percent, and Christer Gardell activist fund Cevian, hold 6.2 percent, reports Swedish business daily Dagens Industri.

The paper adds that A-shares and B-shares are traded at the moment at the same price in the market. A purchase of Class A shares may therefore be seen in a speculative way as a route to future power struggle in the company.
By Scancomark.com Team

We welcome your contribution. Did you find anything wrong with this article? Do you want to contribute to our news network? Do have a news tip or assist us with a correction