Shares in Finland's Mandatum slide as Altor sells down stake

(Sharecast News) - Shares in Mandatum tumbled on Tuesday, after private equity firm Altor sold down its stake in the Finish asset manager. Stockholm-based Altor sold 35m shares in Mandatum on Monday, equivalent to a 7% holding, at €6.80 per share, leaving it with a 4.5% stake. The sale - which was at a discount of around 7% to Friday's closing price - raised around €238m.

As at 1030 GMT, the Helsinki-listed stock had shed 9%.

Altor, which has offices across Scandinavia, first invested in Mandatum in 2023, taking an initial 8% stake.

It is now in a 90-day lock up during which it cannot sell any further shares, subject to certain exceptions.

Altor has not commented on why it has sold down its stake. Mandatum acknowledged the sale but did not provide further comment.