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INVESTOR

Investor: Absolut owner ‘is attractive’

The Wallenberg family's investment company Investor has expressed an interest in buying the state-owned maker of Absolut Vodka, Vin & Sprit.

Venture capital company EQT, which is part-owned by Investor, would lead any purchase of the drinks maker, which the government has said it wants to sell.

“We are working together with EQT and Vin & Sprit,” said Investor CEO Börje Ekholm. He said he did not think that it would be hard to finance a deal to buy the drinks maker, despite the current turbulence on the credit markets.

“It is an attractive company which I believe we can finance jointly,” he said in an interview with news agency TT, as Investor presented its third quarter report.

Ekholm was also asked about rumours that Investor was interested in buying German truckmaker MAN, a competitor to Scania, in which Investor is a major shareholder. Ekholm said he “has nothing specific to say” about any potential deal.

He indirectly referred to rumours that SEB, the Swedish bank in which Investor is the largest owner, wants to buy the state’s shares in rival bank Nordea. He said that there was movement on the bank market.

“We will naturally follow developments in order to do what is best for the bank and for Investor,” he said.

Investor’s net asset value at the end of the third quarter was 174.6 billion kronor, or 228 kronor per share. At the start of the year the company’s net asset value was 159.3 billion kronor, or 208 kronor per share.

Profits for the company were 18.86 billion kronor for the year’s first nine months, up from 17.91 billion in the same period last year.

The company increased its shareholding in SEB and Husqvarna during the period.

MILAN

Berlusconi cools AC Milan takeover talk

AC Milan owner and president Silvio Berlusconi has admitted he has no "desire" or "need" to sell the fallen Serie A giants despite recent reports claiming the club would soon be in Asian hands.

Berlusconi cools AC Milan takeover talk
AC Milan owner and president Silvio Berlusconi has admitted he has no "desire" or "need" to sell AC Milan. Photo: Giuseppe Cacace/AFP

Berlusconi admitted in an interview with La Gazzetta dello Sport on Saturday he has been in talks with Chinese Head of State Xi Jinping about possible investment from the country in the seven-time European champions.

But two weeks after it was announced a majority stake in the club would soon be sold to Thai businessman Bee Taechaubol, Berlusconi continues to keep fans guessing as to his intentions for the once mighty Rossoneri.

The former two-time Italian prime minister conceded the arrival in the sport of wealthy investors from oil-producing nations such as Qatar had compounded his fight to keep Milan, one of the world's top clubs, on a level playing field with their European rivals.

But despite Milan's recent fall from grace that is likely to see them once again miss out on European football next season, his plans to sell the club he steered to unprecedented success in Europe during their 1990s heyday appear to have cooled.

“Right now I don't know how the situation could develop,” Berlusconi told the Italian sports daily when asked about recent negotiations with investors from China.

“Beyond the rapport we created in political terms, Xi (Jinping) has shown the utmost respect for Italian football.

“But let's be clear: I have no desire, intention or need to sell Milan.

“Although it is true that since the arrival of petrodollars and investors from Qatar, it has become very difficult for family-run clubs to support such an economic burden.”

A fortnight ago Berlusconi was said to be on the verge of selling a 51 percent stake in the club to Bee, the executive director of a south-east Asian private equity group, for an estimated €500 million ($550 million).

That deal appears to have been put to one side, at least temporarily, but Berlusconi hinted his search for potential partners who could bring significant investment without him being forced to give up a majority stake is still ongoing.

He added: “If my family can't resolve the club's problems on its own, then I will have to to find investors capable of contributing to the relaunch of Milan.

“If we can't find buyers, it's up to me to try and relaunch the club. If we do bring in new investors who want me to remain in my role, then I will collaborate with those who do come in to help take Milan back to the position we deserve to be in.”

Milan's city rivals Inter are already in the hands of Asian owners, Indonesian tycoon Erick Thohir having bought a 70 percent stake in the Serie A giants in November 2013.

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