Finnish state owned investment company Solidium sold 89 million shares in TeliaSonera (OMX: TLSN) through an overnight accelerated book-building offering to international and Nordic institutional investors at just over 5% discount to yesterday’s close. TeliaSonera has retreated 3.5% in today’s trading, still leaving a nice overnight return to those institutions taking part.
Solidium said it is using the proceeds to finance equity investments in Outokumpu, Outotec and Talvivaara. All of these companies originated from Outokumpu. When you add TeliaSonera into the mix, the government has a poor track record in investing in this lot. It now tries to regain billions burned in years past. At least this time Solidium did manage to make a small gain vs. book value.
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