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Neste, Posti, Vapo and Nordic Morning shares to be transferred to State Business Development Company Vake

Government Communications Department 5.12.2018 14.08 | Published in English on 5.12.2018 at 16.03
Press release 580/2018

Following a Government decision made today, around 8.3 per cent of Neste Corporation’s shares, 49.9 per cent of Posti Group Corporation’s shares, 16.7 per cent of Vapo Oy’s shares and all of the shares of Nordic Morning Plc will be transferred immediately to the State Business Development Company (Vake Oy).

In addition to these immediate transfers, the other holdings indicated in the Government’s resolution on ownership policy will be transferred to Vake Oy as soon as possible. Following the transfers, approximately 36.4 per cent of Neste’s shares, 50.1 per cent of Posti’s shares and 33.4 per cent of Vapo’s shares will remain under direct state ownership.

Vake Oy’s mission is to promote leading high-technology business operations and projects that have a significant positive impact on Finland’s business structure, Finnish ownership, future expertise and work, wellbeing and security in the global economy.

The company focuses on existing technologies and phenomena that are in a state of rapid development, have a significant impact and are in sectors where Finland has centres of specialised expertise. Within its selected focus areas, Vake employs a wide range of means to promote the emergence of significant clusters of excellence by making direct and fund-based investments, establishing new operators or developing projects and ecosystems, among other activities.

The decision-making power concerning the ownership and development of the state assets being transferred to Vake will remain with the Government.  The decisions and authorisations will be prepared and proposed to the Minister responsible for ownership steering and the Government plenary session by the Ownership Steering Department of the Prime Minister's Office. Moving forward, decisions concerning Vake’s revenue will be made on a case-by-case basis in the annual state budget. The Ownership Steering Department will remain in charge of the ownership steering of the transferred holdings.

Inquiries: Kimmo Viertola, Director General, Ownership Steering Department, tel. +358 295 160026, kimmo.viertola(at)vnk.fi, Prime Minister’s Office, and Markku Rajala, Special Adviser, tel. +358 50 396 0018, Ministry of Economic Affairs and Employment.