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Finnish government sells shares of Kemira fertilizer maker for euro655 million

Finnish government sells shares of Kemira fertilizer maker for euro655 million

The Finnish government announced Wednesday that it sold a 32 percent stake in chemicals and fertilizer group Kemira Oyj for euro655.6 million (US$890 million), sending the company's share price up 6 percent.
After the sale, to domestic investors, the government still remains a major shareholder in the group with a 16.5-percent share, it said.
The sale of Kemira stock will increase the center-right coalition's revenue from share sales this year to euro863 million (US$1.2 billion), the prime minister's office said.
"The government carries out an active market-oriented ownership policy," said Defense Minister Jyri Hakamies, responsible for policy on government-owned companies. "The development potential of the companies and their ownership base is evaluated continuously and the state always takes the overall effect of sales of shares into account."
Kemira shares closed at euro16.66 (US$22.71).
Since 2004, the government _ a majority stockholder in about 20 Finnish firms _ has reduced ownership in several companies to increase budget revenues. The policy was also aimed at making the companies more profitable and competitive.
Since the end of last year, the value of government shares has continued to grow, to some euro28 billion (US$38 billion). The 19 companies employ 200,000 people in Finland and abroad.
Kemira group, based in Helsinki, had sales amounting to euro2.5 billion (US$3.4 billion) in 2006. It employs 9,000 people with operations in 40 countries.
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On the Net:
http://www.kemira.com
(mhh)


Updated : 2021-08-02 19:47 GMT+08:00