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Finland Grows Nokia Stake In Response to US Interest

By  |  September 8, 2020

The Finnish state is buying shares of Nokia Oyj to send a signal that it’s ready to protect the maker of 5G mobile networks amid a geopolitical battle in which the US has expressed interest in owning a part of the company, reported Bloomberg. 

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    The state’s equity-asset manager Solidium Oy recently crossed the 5% threshold in Nokia shares, and now has about €1 billion (US$1.2 billion) worth of stock. The telecommunications-equipment maker was earlier this year reported to have hired advisers to consider strategic alternatives and US Attorney General William Barr has suggested his government should buy a stake in Nokia or its rival Ericsson AB.

    Solidium’s stock purchases “act as a counter balance” to Barr, and “show William Barr and his European colleagues that the situation is under control,” Chief Executive Officer Antti Makinen said. “There’s a domestic anchor owner who can safeguard continuity, at least to some extent.”

    Full Content: Bloomberg

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