Sampo Should Sell Holding in Lender Nordea to Focus on Insurance: Activist Investor
The activist investor said this would restore investor confidence and unlock in excess of 8 billion euros in value for Sampo’s shareholders.
“The company’s Nordea stake is widely acknowledged to have become a significant distraction and a sustained drag on valuation for Sampo,” Elliott said in a statement.
Sampo is the largest shareholder of Nordea, holding a 15.9% stake.
Elliott Advisors – an affiliate of Elliott Investment Management which manages $41 billion of assets – says it advises funds that hold more than 3% of Sampo shares.
Sampo is due to report its fourth quarter results on Feb. 11, and holds a Capital Markets Day on Feb. 24.
($1 = 0.8288 euros) (Reporting by Tarmo Virki in Tallinn; editing by Kirsten Donovan and Mark Potter)
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