Swedish government sells 260 million shares in bank Nordea for $3 billion

STOCKHOLM – The Swedish government says it has raised 19.5 billion Swedish kronor ($3 billion) by almost halving its stake in Nordic banking group Nordea AB.

The government Wednesday said the sale, which cut its holding from 13.4 per cent to 7 per cent, will be used to reduce the Swedish state debt. The shares were sold at 75 Swedish kronor ($11.6) each.

The deal is in line with the privatization plan launched by the centre-right government after it took office in 2006.

The government has previously sold off stakes in stock exchange operator OMX, real estate group Vasakronan and Absolut vodka maker Vin&Sprit for more than 80 billion kronor ($12.5 billion).