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Finland sells 5% stake in Neste for €861M

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Finland sells 5% stake in Neste for €861M

The Finnish government said June 13 that it has completed the sale of 12.8 million shares of Neste Oyj, representing 5% of the total shares of the company, priced at €67.27 per share for a total of €861 million.

Following the sale, which reduced the government's interest in the company from 49.7% to 44.7%, Finland now holds approximately 115 million shares in Neste. Credit Suisse Securities (Europe) Ltd. acted as lead manager and sole bookrunner in the share sale.

The sale is in line with a parliamentary mandate that set a minimum threshold of state ownership in Neste to 33.4%. Earlier in the year, the government donated 922,168 shares worth €50 million to the Itla Children's Foundation in honor of the centenary of the country's independence, which reduced state ownership from 50.1% to 49.7%.