Folksam Group decreases its ownership in Swedbank
The Folksam Group announces its intention to sell 25.6 million ordinary shares in Swedbank AB (publ), representing 2.3 per cent of Swedbank's issued share capital. The shares are being offered by way of an accelerated bookbuilding process directed at institutional investors only. Swedbank remains a long-term and strategic investment to the Folksam Group and Folksam has no intention of selling any shares in addition to the transaction announced today.
The Folksam Group currently holds approximately 105.2 million shares, corresponding to a market value of approximately SEK 23.4 billion and 9.3 per cent of Swedbank's issued share capital. The ownership of around nine per cent in Swedbank has lasted in nearly eight years. After the sell, the ownership share will be 7.0 per cent. Sellers are Folksam Liv and Folksam Sak.
“Our ownership in Swedbank remains long-term both in financial and strategic aspects, even though this is the right time to decrease the Swedbank concentration in our asset portfolios. The Folksam Group’s engagement in Swedbank has been, and still is, a pure success story to our customers. The total return since 2008 adds up to approximately SEK 22 billion”, Jens Henriksson says, President and CEO of Folksam Group.
In 2009, the Folksam Group entered a letter of intent together with Sparbanksgruppen and Sparbanksstiftelsera concerning their ownership in Swedbank. The intention is among other things to uphold a common ownership of at least 20 per cent of the issued share capital in Swedbank and to be a long-term and stable group of owners. This goal is maintained after the divestment of 2.3 per cent of the ordinary shares in Swedbank.
The bookbuilding period commences today, March 6th 2017, at 17.30 CET, is directed at institutional investors only, and may close with short notice. J.P. Morgan Securities plc is acting as sole bookrunner in connection with the bookbuilding process.
The price of the shares will be determined through the bookbuilding process at the closing of thereof, and the results of the placement will be announced at the latest before the opening of Stockholm Stock Exchange tomorrow, March 7th 2017, at 09.00 CET. Subject to customary exception or the consent of J.P. Morgan Securities plc, the Folksam Group’s remaining shares will be subject to a 180 days’ lock-up period.
For further information, please contact:
Juha Hartomaa, investor relations, Folksam Group, + 46 (0)70-831 65 26, juha.hartomaa@folksam.se
About Folksam
Folksam is a customer-owned company. We offer insurance policies and pension investments. Almost one in two Swedes is insured with Folksam, and we are one of the largest asset managers in Sweden. Our vision is that our customers should feel secure in a sustainable world. Read more at www.folksam.se
THE INFORMATION CONTAINED IN THIS MESSAGE IS NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN AND DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY OF THESE JURISDICTIONS. NEITHER THIS MESSAGE NOR THE INFORMATION CONTAINED IN IT MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED DIRECTLY OR INDIRECTLY INTO THE UNITED STATES OF AMERICA. THIS MESSAGE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OF AMERICA. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OF AMERICA ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. IF THERE WOULD BE A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES OF AMERICA, IT MUST BE MADE BY MEANS OF A PROSPECTUS THAT WOULD BE OBTAINABLE FROM THE ISSUER OR SELLING SECURITY HOLDER AND THAT WOULD CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.