Finnish government plans sale of 250-300 mln TeliaSonera shares

0 Comments | AFP, December, 2004

HELSINKI (AFP) — The Finnish government said it would sell between 250 and 300 million shares, or as much as 6.4 percent of its stake, in Nordic telecommunications operator TeliaSonera.

The government, which currently owns about 19.1 percent of TeliaSonera, said in a statement that it would maintain at least a 12.7 percent stake in the company after selling the shares to international and Nordic institutional investors through accelerated bookbuilding.

The government said it had appointed brokerage firm Morgan Stanley to manage the offering.

Based on TeliaSonera's closing price of 4.57 euros (6.09 dollars) a share on the Helsinki stock exchange on Tuesday, the government would reap 1.37 billion euros if it sells 300 million shares.

"The price per...