Finland's government takes 3.3% stake in Nokia for €844mn

State of Finland acquires over €840m in Nokia shares

Finnish government acquires stake in Nokia

"The divestment of our stake in [mobile operator] Telia in the beginning of the year made it possible for us to invest into Nokia, which fits perfectly into Solidium's portfolio", said Solidium CEO Antti Mäkinen.

There is, of course, more to the sad story for those still holding a candle for the Nokia of old. He also noted that in addition to being an attractive investment target, Nokia is also Finland's largest company.

"Solidium is now a significant owner and it will be heard in the future when board seats are being discussed", he added. The company declined to comment on the news.

According to Nokia's webpage, three Finnish pension funds at this point own less than 3 percent of Nokia.

The €844m move by government-owned Solidium Oy will see Finnish hands exerting more influence on the networking specialist, something that unkind observers might suggest should have happened some time ago. Nokia share now make up 11 percent of its investments which have a total value of 8.4 billion euros.

Nokia is nowadays focused on the telecom network industry where it competes with Sweden's Ericsson and China's Huawei [HWT.UL].

But last month, Nokia said that major telecom operators were accelerating their schedules for adopting 5G networks, boosting hopes for an uplift for its business later this year. It manages minority holdings in 13 listed Finnish companies which mainly originate from an era of state-led industrialisation.

"Then again, 3 percent does not give you that much say in the looks like a rather financial-driven investment", he added.

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