HELSINKI – Finland is planning to find a new industrial partner for state-controlled defense group Patria after minority owner Airbus Group sold its 26.8 percent equity holding in the company back to the Finnish state. The ownership position now divested by Airbus Group was originally acquired by the company — then known as EADS — in 2001.
The Finnish Government Ownership Steering Group (GOSG) has been tasked with searching for a new industrial owner. The GOSG stated that Airbus Group decided to divest its holding in Patria following a review of its entire investment portfolio. That decision to sell has increased the Finnish state's ownership in what is Finland's biggest defense company to 100 percent.
The GOSG is hoping to find a new industrial partner for Patria by mid-2015. The search process to locate a new investor will formally begin in the first quarter of next year. In the meantime, the shares acquired by GOSG from Airbus Group will be parked in Governia, a dedicated state-owned investment holding company.
"The state considers it important to find a new industrial partner, and minority owner for Patria, to enhance the further development of the company's business. The current solution is only temporary in nature and the state owner will initiate measures with Patria to seek a new minority partner early next year," said Eero Heliövaara, the GOSG's director general. ■
Email: godwyer@defensenews.com.
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