Long-time stakeholder Industrivarden exits steelmaker SSAB
11/05/2021 06:33
STOCKHOLM, May 11 (Reuters) - Industrivarden late on Monday
sold its stake in Swedish steelmaker SSAB SSABa.ST for 2.02
billion crowns ($242.2 million).
The Swedish investment firm said in a statement it sold the
4.3% of capital and 11.8% of votes at 45.53 crowns per share in
an accelerated book building process addressed to institutional
investors.
Shares in SSAB, which is one of the top producers of heavy
plate in the United States but counts Europe as its biggest
market, closed at 47.88 crowns on Monday.
Industrivarden, which became a large owner in SSAB in the
90's, before selling around half of its stake in 2018, said the
sale of the remaining shares was freeing up further capital for
alternative investments.
SSAB's shares are up 63% year-to-date surge on the back of
strong demand and higher steel prices. urn:newsml:reuters.com:*:nL8N2MJ0O1
Last month, Finnish state investment firm Solidium sold half
its stake, or 6.3%, in the firm. urn:newsml:reuters.com:*:nL1N2MK0CD
($1 = 8.3390 Swedish crowns)
(Reporting by Anna Ringstrom; Editing by Kim Coghill)
((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))