HELSINKI (Reuters) - The Finnish government’s investment arm has spent around 205 million euros (175.39 million pounds) to buy a 5.1 percent stake in Finnish tyre maker Nokian Tyres, it said on Tuesday.
Investment arm Solidium paid around 29.3 euros per share as it acquired seven million shares in the company.
The move came after Japan’s Bridgestone, previously Nokian Tyres’ largest stakeholder, reduced its ownership in the Finnish company, leaving it vulnerable to stakebuilding by other groups.
Bridgestone previously owned a 10 percent stake in Nokian Tyres but has reduced its stake significantly over the past few months.
“The company has promising growth opportunities at its hand owing to the greenfield investment in its third production factory, which is being built in Dayton, USA, and the investment to increase production capacity in its factory in Nokia, Finland,” Solidium said in statement.
($1 = 0.8814 euros)
Reporting by Anne Kauranen; Editing by Keith Weir