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

Swedish financial market Minister, Norman condemns Vattenfall – Nuon purchases

Thursday, 20 December 2012
Swedish state owned Energy company, Vattenfall has come under intense attack from the Swedish minister of Financial Markets, Peter Norman who has condemns the company’s acquisition of Dutch company, Nuon in 2009 for Skr90 billion.

“The price paid for Nuon was not reasonable,” said Norman in the Swedish Parliament, The Riksdag.

According to Norman, who came into government in 2010, the deal was a sign that management and the board had to work with owner, the state and its representative in government. That connection was not there but now he feels that there is better and tighter control.

“Now we are much closer to the company and we meet often. And we have a board and a chairman, in Lars G Nordström, with great credibility,” said Norman to news network, TT after an interpellation debate with Kent Persson on Vattenfall.

Vattenfall acquired Nuon in the winter of 2009 for approximately Skr90 billion, although the net value of Vattenfall’s own admission was Skr43 billion. The remaining Skr47 billion was the so-called goodwill, a kind of hard to judge the value payment.

But the government and the then Minister Industries, Maud Olofsson, were positive about the deal.
“It is good that Vattenfalls can participate and buy into a company that can provide income in the future,” Olofsson had said then.

The then CEO, Øystein Løseth, said of Nuon and Vattenfall that they were perfect partner. But since 2010, Løseth as CEO of Vattenfall, has already been forced to make Skr1billion write-down in the value of Nuon.
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