(Update clarifying the stakes were transferred, not sold)
STOCKHOLM (Thomson Financial) - Knut och Alice Wallebergs Stiftelse's entire 10.1 pct capital stake and 29.1 pct voting stake in SKF AB, has been transferred to another Wallenberg entity Foundation Asset Management (FAM), as part of a new organisation and management of the Wallenberg foundations.
FAM was established in order for Knut och Alice Wallenbergs Stiftelse, Marianne och Marcus Wallenbergs Stiftelse and Stiftelsen Marcus och Amalia Wallenbergs Minnesfond, to coordinate the administration of their asset and increase effectiveness.
The foundation's assets currently amount to about 58 bln skr, and an initial 21 bln skr is being transferred to FAM, comprised partly by the foundations' stakes in SKF and Stora Enso.
'In the long term the ambition is that the foundations' other stakes in Saab AB, Scania AB, and SAS AB, amounting to around 10 bln skr, be transferred to FAM. Skandinaviska Enskilda Banken AB will continue to be directly owned by the foundations, but be managed though an advisory agreement with FAM,' FAM's chief executive Lars Wedenborn said.
This morning a SFA filing showed that the KA Wallenberg foundation had disposed of its stake in its entirety.
The Wallenbergs are Sweden's most powerful business dynasty.
hans.chumakonde@thomson.com hc/sal COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
