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Swedish government starts sell-off of TeliaSonera

Swedish government starts sell-off of TeliaSonera

Sweden's government began selling an 8 percent stake in telecommunications operator TeliaSonera AB on Wednesday in a first step toward privatizing the entire company.
The sell-off is only open to institutional investors, the Finance Department said in a statement. The sale is expected to bring in nearly 20 billion kronor (euro2.2 billion; US$3 billion) to state coffers.
TeliaSonera shares fell 4.6 percent to 52.25 kronor (euro5.72; US$7.80) when the Stockholm bourse opened.
Sweden's new center-right government said after taking office last year that it plans to sell its entire 45.3 percent stake in TeliaSonera as part of a drive to privatize state assets. Government holdings in five other companies, including banking group Nordea AB and stock market operator OMX AB, will also be sold over the next few years.
"Through this deal, we are decreasing our ownership in TeliaSonera in a responsible way," said Financial Markets Minister Mats Odell.
The transaction will be made through Deutsche Bank AG and UBS Investment Bank, and is expected to be completed by 6 p.m. (1600GMT) Thursday.
The previous Social Democratic government opened up state-owned companies for private ownership in the 1990s, but maintained a strong influence on them by keeping large share holdings.


Updated : 2021-07-24 23:45 GMT+08:00