M and A
Another Group Swoops In To Buy Chunk Of Saxo
The Copenhagen-listed group, which provides services included wealth management, is seeing a shift in its roster of owners.
Financial services organisation Sampo Group has offered to take a
19.9 per cent stake in Copenhagen-listed SaxoBank, coming a few
months after China-based
Zhejiang Geely Holding Group offered to buy 30 per cent of
that business.
Geely Group has offered to buy more shares and will thus become
majority shareholder with a total of 51.5 per cent.
TPG Capital and SinarMas accepted the offer from Geely and Sampo
Group and will sell 100 percent of their shares of 29.26 per cent
and 9.9 per cent respectively. Co-founder and chief executive Kim
Fournais’ stake of 25.71 per cent remains unchanged, Saxo said in
a statement yesterday.
The transactions are pending regulatory approvals and are
expected to be finalised during the next six months.
“With both Geely Group and Sampo Group as key shareholders in
Saxo Bank, we have a strong group of owners with a wish and
ability to foster long term growth,” Fournais said.
In August, Saxo Bank, which provides services including wealth
management, reported a 45 per cent year-on-year gain in
profits. The group has pushed into a variety of markets,
including China's, in a bid to tap rising wealth.
