Sampo announces sale of Nordea shares, cuts holding to 11.9%
25/05/2021 18:38
HELSINKI, May 25 (Reuters) - Finnish insurance group Sampo
SAMPO.HE announced the sale of up to 162 million Nordea
NDAFI.HE shares, accounting for 4% of Nordea's total share
capital, Sampo said in a statement on Tuesday.
The sale, directed at institutional investors through a book
building process, will reduce Sampo's stake in Nordea to 11.9%.
The stake's book value on Sampo's consolidated balance sheet
was 7.68 euros per share on March 31. Nordea's shares were
priced at 8.78 euros at closing on Tuesday.
Sampo's average acquisition price for the shares were 6.46
euros per share. The result of the transaction will be announced
on May 26 at the latest.
At its capital markets day on Feb. 24, Sampo said it would
sell over half of it's Nordea shares within 18 months as part of
the group's strategy to focus on the insurance business.
(Reporting by Essi Lehto
Editing by Chris Reese)
((Essi.Lehto@thomsonreuters.com; +358505412375;))