The government of Finland, via state fund Solidium, has cut its holding in Scandinavian telecoms giant TeliaSonera from 13.7% to 11.7%. Solidium said the sale was to diversify its investment portfolio and improve financial flexibility, reports Dow Jones Newswire. The fund sold 89 million shares for a total of SEK4.02 billion (USD598 million), while it has also placed SEK5.3 billion of bonds exchangeable into TeliaSonera shares at SEK57.63 a share; should all the three-and-a-half-year bonds be exchanged, Solidium's stake in TeliaSonera would fall to 9.5%.
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OVETEL Finland cuts stake in TeliaSonera to 11.7%; bond sale could reduce holding to 9.5%
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