You are here: Home » Reuters » News
Business Standard

Finland takes stake in Nokia to boost national ownership

Reuters  |  HELSINKI 

(Reuters) - arm has acquired a 3.3 percent stake in at a cost of about 844 million euros ($1.04 billion) to strengthen Finnish influence over the

"We believe that this will be a good One must remember that is Finland's largest company and its Finnish ownership has been rather thin," told

He said was not seeking a seat on Nokia's board at an upcoming shareholder meeting but that it could look at that option going forward.

He noted that has this year taken a more active role in the boardrooms of the companies it owns stakes in.

ruled the global mobile phone market a decade ago and was a dominant economic engine for the country, providing 4 percent of its GDP and 20 percent of its exports.

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.

According to Nokia's webpage, three Finnish pension at this point own less than 3 percent of

is nowadays focused on the telecom network industry where it competes with Sweden's and China's

"The appealing factors for us are the company's strong market position combined with broad technological expertise," Makinen said.

Solidium's mandate is to own significant Finnish companies with an idea to keep them "more or less Finnish", Makinen told in an interview last month.

manages minority holdings in 13 listed Finnish companies which mainly originate from an era of state-led industrialisation.

trimmed its stake in and Sampo in the past weeks to the in

($1 = 0.8112 euros)

(Reporting by Jussi Rosendahl; Editing by Terje Solsvik/Keith Weir)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 14:42 IST