Erkko family sells 6.5% of SanomaWSOY shares
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Members of the Erkko family sold a large part of their holding in the SanomaWSOY media group on Tuesday. The shares, worth nearly EUR 200 million, went to European institutional investors.
The sale was for a total of ten million of the B series of SanomaWSOY shares, which carry less voting rights than the A shares. The sale involved 6.5% of all of SanomaWSOY's shares.
Dr. Aatos Erkko, as well as Robin Langenskiöld and Rafaela Seppälä, the children of Erkko’s late sister Patricia Seppälä, are the largest owners of the group.
After the sale, Aatos Erkko will continue to hold 24.1% of the company’s shares, and 26.9% of the voting rights.The corresponding figures for the estate of Patricia Seppälä are 5.7% and 8.9%.
The deal did not affect the shares owned directly by Robin Langenskiöld and Rafaela Seppälä, both of whom have five percent holdings in the company.
The sale was arranged by Goldman Sachs and Enskilda Securities. The offer was rapidly oversubscribed, and the deal was closed on Tuesday morning at a price that was EUR 19.15 a share, about five percent below Monday’s closing. After the deal was announced, SanomaWSOY shares began to rise, closing on Tuesday at EUR 19.78.
There were hundreds of buyers, including pension and insurance companies, mutual funds, and other institutions. Most of the buyers were from abroad, but there were some Finnish institutions as well.
Up to now only about 3.5% of SanomaWSOY shares had been held by foreign investors.
One of the terms of the deal was that the sellers agreed not to dispose of any more of their holding for six months without the consent of Goldman Sachs.
Aatos Erkko would not comment on the reasons for the sale. SanomaWSOY Chairman of the Board Jaakko Rauramo was pleased, saying that the deal expands the company’s ownership base, and improves the liquidity of SanomaWSOY shares.
Helsingin Sanomat
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| 2.3.2005 - TODAY |
 Erkko family sells 6.5% of SanomaWSOY shares |
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