Sampo announces sale of Nordea shares, cuts holding to 11.9%

HELSINKI, May 25 (Reuters) - Finnish insurance group Sampo announced the sale of up to 162 million Nordea shares, accounting for 4% of Nordea’s total share capital, Sampo said in a statement on Tuesday.

The sale, directed at institutional investors through a book building process, will reduce Sampo’s stake in Nordea to 11.9%.

The stake’s book value on Sampo’s consolidated balance sheet was 7.68 euros per share on March 31. Nordea’s shares were priced at 8.78 euros at closing on Tuesday.

Sampo’s average acquisition price for the shares were 6.46 euros per share. The result of the transaction will be announced on May 26 at the latest.

At its capital markets day on Feb. 24, Sampo said it would sell over half of it’s Nordea shares within 18 months as part of the group’s strategy to focus on the insurance business. (Reporting by Essi Lehto Editing by Chris Reese)