The Finnish state sold a 5 percent stake in biofuel company Neste for €861 million ($1 billion), the government said on Wednesday.
The government sold around 12.8 million shares in Neste based on a sales price of €67.27 per share.
Following the share sale, the state now owns approximately 115 million shares in Neste, reducing the state’s ownership interest from 49.7 percent down to 44.7 percent.
Credit Suisse Securities (Europe) Limited acted as lead manager and sole bookrunner in the share sale.
"The good price development of Neste that has continued for a long period has led to a situation where the company’s portion of the value of direct share portfolio of the state reaches almost one-half. At the same time, the weight of the energy sector in the portfolio has increased significantly. The state will continue to be a significant shareholder of the company, which will, among other things, ensure the strategic interest relating to the ownership," said Mika Lintila, the minister responsible for Ownership Steering.
Helsinki based Neste's main business area is biofuel and oil refining. The company is Finland's major oil company and the world's largest producer of renewable diesel refined from waste.
By Murat Temizer