Icelandic company becomes largest holder of stock in Sampo

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The Icelandic financial services group Exista has become the largest holder of stock in the Finnish Sampo finance concern. Exista now owns nearly 15.5 per cent of Sampo stock, a holding greater than that of the Finnish state, which now owns less than 14 per cent.
      Exista bought the Sampo shares from the Iranian-born British investor Robert Tchenguiz. Reuters reports that the deal is worth EUR 1.23 billion, which is nearly four times as much as the other big Icelandic investment in Finnish finance - the sale of the FIM concern to Glitnir Bank, which was made public on Monday.
      Exista paid EUR 22.20 apiece for the shares. The price is only about three per cent more than the closing price of Sampo shares on the Helsinki Stock Exchange on Wednesday.
      Sampo had no comments on the matter on Thursday morning. Sampo's share price declined by 15 per cent on Thursday. Exista's shares, meanwhile rose by nearly six per cent on the Reykjavik Stock Exchange.
     
The Finnish state holding in Sampo is currently 13.6 per cent. Sampo's third-largest owner is the pension insurance company Ilmarinen, which holds 8.5 per cent of Sampo stock.
     
Exista is a concern known for its diverse investments. Its financial statement at the end of last year showed a balance of EUR 4.2 billion.
      Robert Tchenguiz has amassed a large fortune on the British investment market. He became a major holder in Sampo last April.
      Late last year Sampo sold its banking operations to the Danish Den Danske Bank for EUR four billion. After that, Sampo still had the insurance company If, and extensive investment potential resulting from the money from the sale of the bank. For instance, Sampo is now a major shareholder of the Nordea banking concern.
     
Sampo CEO Björn Wahlroos did not comment on the Exista deal. However, there were reports from Sampo that the Icelandic investors had not yet asked for a seat on the Sampo Board of Directors.
      The Sampo appointments committee is scheduled to publicise its proposal for the composition of the board next Tuesday when the company's financial results come out.


Previously in HS International Edition:
  Finnish Sampo Bank Group to be sold to Danish Danske Bank for EUR 4.05 billion (9.11.2006)

Links:
  Sampo
  Exista
  Nordic Exchange Release

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