Finland acquires stake in Nokia

State of Finland acquires over €840m in Nokia shares

The collapse of Nokia's former phone business was a major reason for Finland's decade of stagnation from which it is only just recovering.

Not at all. Nokia phones now are made by a company named HMD Global and this deal has nothing to do with that company or the phone business.

Now focused on the telecom network industry, Nokia employs 6,300 people in Finland in a global workforce of around 102,800.

"We believe that this will be a good investment", said Antti Makinen, the head of the public investment arm Solidium. Solidium will not pursue a board seat come the next shareholders meeting, but it could do so in the future.

Until recently Solidium had no holdings in Nokia. He also noted that in addition to being an attractive investment target, Nokia is also Finland's largest company.

Nokia shares were down 0.4 percent at 1400 GMT.

Comerica Securities Boosted Novo (NVO) Holding; Salisbury Bancorp (SAL) Has 0.7 Sentiment
Finally, Folketrygdfondet raised its position in shares of Novo Nordisk A/S by 4.4% in the 3rd quarter. (NASDAQ:ABMD). The stock of Novo Nordisk A/S (NYSE:NVO) has "Conviction Buy" rating given on Monday, February 15 by Goldman Sachs.

Solidium has been taking a more active role in the boardrooms of the companies it owns stakes in. Nokia share now make up 11 percent of its investments which have a total value of 8.4 billion euros.

At the beginning of the year, the largest Finnish investor in Nokia was the Varma pension insurance company with an approximately 1 percent stake.

Nokia and rivals, Sweden's Ericsson and China's Huawei, have struggled in the past years as demand for current 4G generation network gear has slid.

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.

"This is somewhat surprising".


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