13.12.2010

Another week and another change for the markets to jubilee that nothing terrible, at least from their perspective, happened during the weekend. This time the markets had supposedly been pricing in a risk of a Chinese rate hike. The Nordic Markets closed up half a per cent.

Ministry of Social Affairs and Health of Finland officials told Finnish newspapers that swine flu vaccinations and an increase in children’s narcolepsy cases seem to have a corresponding timing. There is an ongoing investigation into causality (whether the vaccine is to blame or for example simultaneous disease and vaccination or even the virus alone). Narcolepsy cases in children have increased ten-fold this year in Finland. Swedish Medical Products Agency has also been investigating a link between the vaccine and the disease. The producer of the vaccine in question (GlaxoSmithKline & Pandemrix) has been concluding its own investigation, which seems to hint that the increase in narcolepsy cases is far more pronounced in Sweden and Finland than anywhere else where the particular batch of the vaccine has been used.

Lock manufacturer ASSA ABLOY AB has acquired around 63.6% of the shares in Cardo AB from several large shareholders of the industrial door and logistics systems firm. ASSA ABLOY announced a cash offer to remaining shareholders of Cardo at a price of 420 SEK per share. This represent a premium of nearly 50% compared to Friday’s close. Cardo’s Board of Directors unanimously recommends the offer. ASSA ABLOY fell 1.2% today.

News of another public takeover offer came to light as well. Swiss pharmaceutical company Galderma offers SEK 75 per share in cash for the stock holders of Q-Med. The largest shareholder in Q-Med, Lyftet Holding B.V, has committed to selling its ownership in Q-Med at an initial cash payment of 58.94 per share and potential subsequent additional cash payments of up to SEK 16.02 per share, totalling at 74.96 SEK per share at the most to Galderma prior to the public bid. Lyftet’s ownership of Q-Med stood at 47.5%. The board of Q-Med unanimously recommends for the stock holders to approve the bid. On Friday’s close shares of Q-Med were trading 13.2% below the offer price, so the premium is relatively small.

Sevan Marine ASA completed the 700 million NOK bond offering. The bond has a term of 4 years and carries an interest rate of 14%. Elektrobit has concluded personnel negotiations and has decided to dismiss 60 employees and temporarily lay off 85 employees in Wireless Solutions Business. Much of this has to do with the TerreStar situation (see 20.10.2010, co-determination negotiations in Elektrobit started on October 28th).