Finland sheds USD-1bn Neste stake

Neste's corporate headquarters. Photographer: Tomi Parkkonen (2015)

June 13 (Renewables Now) - The government of Finland sold on Wednesday a 5% stake in oil and renewable products maker Neste Corp (HEL:NESTE) for a total of EUR 861 million (USD 1bn).

The state sold 12.8 million Neste shares in an accelerated bookbuilt offering to Finnish and international institutional investors at a price of EUR 67.27 apiece. By doing so, the government reduced its interest in the biofuels producer to 44.7% from 49.7%.

Credit Suisse Securities (Europe) Ltd was the lead manager and sole bookrunner in the share sale, the announcement says. The government noted it cannot sell any more Neste shares for a period of 90 days, subject to certain exceptions.

A day earlier, Mika Lintila, the minister responsible for the Ownership Steering, pointed at Neste’s good price development and the increased weight of the energy sector in the state portfolio as the reasons for the share sale. Lintila stated that the government has “no particular reason to own the current amount of the shares in the company”.

Neste offers renewable jet fuel, renewable gasoline, renewable propane, waste and residues as well as green heat, among other products.

(EUR 1.0 = USD 1.177)

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