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Sweden's Investor AB swings to net loss in 3rd quarter
Published in Saudi Press Agency on 11 - 10 - 2007


Investor AB, the investment group
controlled by Sweden's Wallenberg family, said Thursday it
swung to a loss in the third quarter and cited the recent
market turbulence and credit crisis stemming from the U.S.
subprime lending morass, reported ap.
The Stockholm-based company recorded a net loss of 7.82
billion kronor (¤855 million; US$1.21 billion) in the
quarter, compared with a profit of 8.92 billion kronor in
the year-ago period.
Investor AB's Chief Executive Borje Ekholm said the
«recent liquidity crisis in the global credit market has
made financing more difficult, including for financial
institutions and large buyouts.»
Net asset value _ the value of the company's assets minus
debts _ came to 174.6 billion kronor (¤19.1 billion; US$27
billion) at Sept. 30. That was up sharply from 159.3
billion kronor at the end of last year.
Even though Ekholm said the market turmoil may still take
some time to be fully resolved _ risking a slowdown in the
private equity market _ he noted that Investor's balance
sheet was strong. «This will open up new opportunities for
making investments,» he said.
David Hallden, an analyst at Cheuvreux Nordic, said this
indicates Investor wants to take advantage of the
situation.
Investor's core holdings include engineering companies ABB
and Atlas Copco, drugmaker AstraZeneca, appliance maker
Electrolux, truckmaker Scania, wireless network maker LM
Ericsson, Husqvarna, defense company Saab, Scania, and bank
SEB.
It also holds a more than 10 percent stake in the Nordic
stock exchange operator OMX AB, which is currently targeted
by a joint takeover deal from Nasdaq Stock Market Inc. and
Borse Dubai. Ekholm said the bid, which it accepted at a
raised price in late September, had increased «the
probability of a sale at this very attractive valuation
level.»
Ekholm said Investor has «taken an active role in the
discussions on OMX's future and potential combinations,»
adding his company is «pleased to see that the value of
the company has more than doubled during the year.»
Investor also increased its ownership in Husqvarna and
banking group SEB in the quarter. The bank has strong
potential as a standalone company, Investor said, but still
noted that the banking industry «is in a dynamic phase and
we will continue to monitor the bank's position in the best
interest of our shareholders.»
As for Scania, where Investor holds 11 percent of the
capital and 20 percent of the votes, Ekholm said that
Investor «will attempt to find a long-term industrial
solution for Scania while maximizing the value for our
shareholders.»
German rival MAN AG failed in its takeover bid for the
Sodertalje-based company earlier this year.
«In other words,» Hallden said, «the discussions
surrounding its (Scania's) future do not exclude MAN.»
Hallden added that the comments about SEB indicates that
Investor is also not excluding consolidation of the banking
group.
Shares in Investor rose 0.3 percent to 177.50 (¤19.40;
US$27.44) in Stockholm.


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