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Eight percent of Wärtsilä changes hands for $824m

Eight percent of Wärtsilä changes hands for $824m
Investor AB, a Swedish holding company, has acquired 15.8m shares in engine and equipment manufacturer Wärtsilä for EUR639m ($824m).

The shares were bought from a joint venture that Investors had with Finnish company Fiskars at a price of EUR40.55 each.

Shares in Wärtsilä rose by around 5% on the news as Investor's stake in the company rose to 16.8%, making it the largest shareholder in the company. Fiskar retains a 5% stake in the Helsinki-headquartered engine manufacturer.

The Wärtsilä board rejected a takeover bid from Rolls-Royce for its marine engine unit operations in January this year, a move that Investor and Fiskars supported at the time.

“Based on its leading market positions, strong growth potential and large exposure to emerging markets and aftermarket sales, we view Wärtsilä as an attractive long-term investment. Investor has now become the largest shareholder in Wärtsilä and we look forward to developing the company further as a long-term owner”, commented Investor ceo Börje Ekholm.