Friday, June 22, 2018

Finland to Reduce Stake in Oil Refiner Neste

June 12, 2018

Finland on Tuesday said it would sell 12.8 million shares in oil refiner Neste, representing about 5 percent of the company.

After completion of the sale, Finland's holding in Neste will fall to 44.7 percent from 49.7 percent, the Finnish state said in a statement.

The oil refiner's shares will be offered to Finnish and international institutional investors via an accelerated bookbuild, the statement said.

The Finnish state said it would declare results of the share sale around June 13.

Earlier in the year, Finland gave up control of the oil refiner by donating shares to a charitable foundation when it donated shares worth 50 million euros ($58.79 million) to a Finnish foundation. This cut the government's stake in Neste to 49.7 percent from 50.1 percent.

The centre-right government last year got the parliament's mandate to cut the Neste stake to 33.4 percent as it seeks funds for potential investments in new growth companies.

($1 = 0.8506 euros)

(Reporting by Kanishka Singh in Bengaluru. Editing by Jane Merriman)

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