Sampo starts disposal of Nordea stake following activist pressure

Finnish financial services group Sampo has begun cutting its stake in Nordea, one of the Nordic region’s biggest banks, following pressure from Elliott International, the activist hedge fund, to simplify its business.
The €1.17bn sale, which was launched after the market close on Tuesday evening, consisted of 162m shares, a 4% stake in the bank. At the €7.25 offer price, investors received a 4.4% discount to the closing price of Nordea on Tuesday.
Goldman Sachs and Citigroup were bookrunners.
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