May 20, 2014 / 8:12 AM / 4 years ago

Finnish government plans Altia sell-off

HELSINKI, May 20 (Reuters) - The Finnish government on Tuesday proposed a sell-off of Altia, a liquor maker fully owned by the state, as it seeks new revenue to finance spending and reduce the need for borrowing.

Altia, which recently bought cognac house Larsen S.A., made an operating profit last year of 0.7 million euros on sales of 475 million euros ($652 million).

The government said it would consider the impact on jobs as it evaluates the possible divestment. A full state exit requires an approval from the parliament.

The move is part of a government plan to sell 1.9 billion euros worth of its holdings over two years.

Despite moves toward privatisation since the 1990s, the government still owns stakes in 15 of Helsinki’s top listed firms and in 45 others.

$1 = 0.7289 Euros Reporting By Jussi Rosendahl

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