Sci-tech

Finland govt takes stake in Nokia

Finland govt takes stake in Nokia”

Nokia has since focused on the telecoms side of its business, although the phone market remains an itch it is unable to resist scratching, with Nokia branded mobiles emerging from China in the form of some solid Android performers and the odd bit of nostalgic whimsy.

While there is no mention yet of an attempt to get a place in Nokia's boardroom, Mäkinen said the intent of the investment was to "strengthen and stabilise the domestic ownership in this nationally very important company".

Solidium, the government investment arm, built the stake by buying shares on the market over the early months of 2018.

Solidium was not seeking a seat on Nokia's board at an upcoming shareholder meeting but it could look at that option in the future.

It has purchased 3.3 percent of Nokia for €844 million, meaning the firm accounts for 10 percent of its total holdings. He also noted that in addition to being an attractive investment target, Nokia is also Finland's largest company. The biggest owner at the end of past year was US asset manager Blackrock with a stake of 6.2 percent.

The current Nokia sells telecommunications network equipment and is a major player in the industry following the merger with Alcatel Lucent. Solidium manages minority holdings in 13 listed Finnish companies which mainly originate from an era of state-led industrialisation. Solidium's mandate is to own significant Finnish companies with an idea to keep them "more or less Finnish", Makinen told Reuters in an interview last month.

According to Nokia's webpage, three Finnish pension funds at this point own less than three percent of Nokia.

"This is somewhat surprising". The average acquisition price was 4.54 euros per share.



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