Sampo Oyj : to Place 162 Million Nordea Shares

By Adriano Marchese

Sampo Oyj said Tuesday that it intends to place around 162 million Nordea Bank Abp shares, part of its strategy to change focus.

The company said the placing would reduce its ownership in Nordea to 15.9%.

Sampo noted that the average acquisition price of Nordea is EUR6.46 a share, compared with the book value recorded in its balance sheet of EUR8.62.

Sampo added that it will record the accounting loss from the transaction as an extraordinary item, which won't affect its dividend for 2020.

The company said it will use the proceeds to reduce debt leverage and to strengthen its liquidity position while allowing it the ability to respond to future opportunities.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

11-10-20 1252ET