04.01.2011

Some de-risking nudged Nordic markets lower by around half a per cent on average. The impact of the large scale floods ravishing Queensland, Australia will be felt all over, especially as the region is a major player in production of coking coal, majority of which is exported to China.

Finnish Forest Research Institute (Metla) gave its estimate of the damages suffered by forest owners as a result of the raw wood procurement cartel that was in place in Finland from 1997 till 2004. Metla estimated that total damages including non-direct losses and interest payments until now would be well north of a billion Euro. Stora Enso and Metsäliitto were both given competition infringement fine, the total amount of which was 51 million Euro. UPM escaped a fine on the grounds of being the party that tipped authorities on the existence of the cartel.

IGE Resources AB said it is intending to withdraw from Luxinge diamond project in Angola because of the size and quality of diamonds not living up to its expectations. The stock lost around 4.5% after the announcement. Newspaper Talouselämä reported quoting Mergermarket- service, that Sanoma is seeking buyers for movie theater chain Finnkino and bookstore chain Suomalainen Kirjakauppa. Both are the largest players in their respected fields.

Lerøy Seafood Group ASA becomes the majority owner of Jokisen Eväät OY. Jokisen Eväät has already been among the biggest importers of Norwegian salmon to Finland and supplies to all market chains. Jokisen Eväät has previously imported fish from various companies. Lerøy Seafood’s strategy is to grow in Nordic countries and it is easier for the company to purchase a readymade logistics chain and processing facilities. A similar scenario was implemented earlier in Sweden by Lerøy Seafood. Entrepreneur Kimmo Jokinen will stay with the company and maintains a 39% stake. The company behind fast-food chain Hesburger purchases the remaining 10%

The three current members of HK Scan Board Of Directors who were part of the Helsinki District Court’s decision in the LSO Osuuskunta insider trading case on 20.12.2010 are on their way out of the Board Of Directors of HK Scan.

Birdstep jumped 25% after notifying the markets that it is selling Service Factory AB and its equity stake in Aptilo Networks AB for gross value of 52 million NOK to Norwegian private equity firm Norvestor V, L.P.

Castellum acquired five properties in Stockholm area for an investment of 137 million Kronor.TTS Marine won 50 million NOK worth of contracts with Hyundai Heavy Industries and Hyundai Mipo Dockyard for hydraulic driven winch systems into ships owned by Bright Oil and Grieg .

Ericsson was down heavily on analysts’ downgrades. KONE landed a major contract to supply all elevators and escalators for two luxury ships currently being built in Meyer Werfts shipyard for Norwegian Cruise Line.

Led by Novo Nordisk recovering from yesterday, Copenhagen stock exchange went against the run of play and posted a plus. The hire of M.D of Anne Phillips, who was previously working with GSK, as President for Clinical, Medical and Regulatory Affairs for North America yesterday received press.