Solidium divests its stake in Kemira for over 130 million euro
Markku Björkman, 14 February 2024
Solidium, the entity managing Finland's state-owned equity holdings, is set to sell its entire stake in the chemical company Kemira, known for producing chemicals for water purification and industrial applications, including the pulp and paper industry needs.
Solidium owns approximately five per cent of Kemira, which translates to around 7.8 million shares. Based on the closing price of €17 per share, the sale is expected to exceed €130 million.
Accelerated bidding process
The shares are being offered to Finnish and international institutional investors through an accelerated bidding process. Solidium intends to utilize the proceeds primarily for general financing needs and plans to announce the outcome of the sale shortly.
With an overall portfolio valued at about €7.2 billion, Kemira's portion represents a relatively small fraction of Solidium's investments. Besides Kemira, Solidium holds minority stakes in 12 other publicly traded companies.
Source: Pulp & Paper