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Apr 2, 2013

Tele2 sees further gains in $3.5 bln sale of Russia unit

STOCKHOLM, April 2 (Reuters) – Tele2 said it
stood to gain more than the $3.5 billion price agreed for its
Russian unit if the buyer sells it again within a year, as the
Swedish telecoms group tries to fend off competing bids from
industry rivals.

Tele2 Russia’s competitors MTS, Vimpelcom
and billionaire Mikhail Fridman’s A1 group are trying to
overturn Tele2′s decision to sell the business to
state-controlled bank VTB, hoping to get rid of a
cut-price rival.

Mar 28, 2013

Russia’s Fridman may spark Tele2 bid battle

MOSCOW/STOCKHOLM, March 28 (Reuters) – Russian billionaire
Mikhail Fridman is ready to trump state bank VTB’s
deal to buy Tele2′s Russian division and is
considering an offer for the whole of the Nordic telecoms group.

Fridman’s investment partnership A1 said on Thursday it was
prepared to make an all-cash bid of $3.6-$4 billion for Tele2′s
Russian arm, which would top an agreed sale to VTB that puts an
enterprise value, or equity plus debt, on the business of $3.5
billion.

Mar 27, 2013

From tuna to tech, Hexagon breaks Swedish mould

STOCKHOLM, March 27 (Reuters) – In the shadow of well-known
brands like Volvo and Ericsson, an acquisition-packed decade has
made technology firm Hexagon one of Sweden’s most
valuable companies and a rare newcomer among its top blue chips.

The company, market leader in precision measurement
technology used in fields from microchip making to surveying dam
construction, is now worth more than Swedish world number two
white goods maker Electrolux after taking its
business so far from its roots as to be unrecognisable.

Mar 26, 2013

Autoliv looks for deals to expand in high-tech car safety

STOCKHOLM, March 26 (Reuters) – Autoliv, the
world’s biggest maker of car safety equipment, is on the look
out for acquisitions in new high-tech areas, enticed by strong
growth prospects for products that can help cars to avoid
accidents.

Chief Executive Jan Carlson said Autoliv was keen to expand
into this new technology that includes sensors and radar but
that there were few companies willing to sell.

Mar 18, 2013

STMicro, Ericsson split mobile chip unit, 1,600 jobs go

PARIS/STOCKHOLM (Reuters) – STMicroelectronics and Ericsson will close their loss-making mobile chip joint venture ST-Ericsson by dividing parts of the business between them and shutting the rest with the loss of about 1,600 jobs.

The announcement ends months of speculation about the future of ST-Ericsson, which has been hit by a big drop in orders from top customer Nokia as the phone maker lost market share to Apple and Samsung.

Mar 10, 2013

For Nordic bosses, joys of home trump top dollar pay

STOCKHOLM/OSLO, March 10 (Reuters) – Executive excess need
not be etched in stone. Just look at the Nordic region, where an
egalitarian tradition and a high quality of life leave top
managers content with lower paychecks.

Though corporate pay scandals do occur and the gap between
executive and average salaries has risen, company bosses in
Sweden, Denmark, Finland and Norway earn lower wages on average
than in the United States and elsewhere in Europe, data show.

Feb 6, 2013

Volvo warns of difficult Q1 as truck profits slump

STOCKHOLM (Reuters) – Swedish truck maker Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) warned of a rough start to 2013 after weak demand in its main markets left factories running at half speed and pushed it into a heavier than expected quarterly earnings fall.

Volvo, which only weeks ago laid claim to have dethroned Germany’s Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) as the world’s biggest manufacturer of heavy trucks on the back of a joint venture in China, said that weak orders at the end of 2012 meant the first quarter would be difficult.

Jan 30, 2013

SKF to lift output in Q1, sees stable demand

STOCKHOLM, Jan 30 (Reuters) – World number one bearings
maker SKF, sensing an end to the slide which helped
cut fourth-quarter earnings by 40 percent, said it planned to
restore some cuts in production and end the rundown in its own
inventories.

The output increase by the manufacturing bellwether in the
first quarter of 2013 was only the second time in two years it
has flagged a quarterly rise over the previous three months and
appeared to be a nod to stabilising markets.

Jan 30, 2013

Scania cuts production, jobs in ailing European market

STOCKHOLM, Jan 30 (Reuters) – Truck maker Scania
is cutting production and jobs in Europe after sluggish demand
in its biggest market led it to miss quarterly profit forecasts
despite a surge in orders from Brazil.

The Swedish group, majority-owned by Germany’s Volkswagen,
, said on Wednesday it was reducing daily production
in Europe by 15 percent in the first quarter, with the loss of
around 700 jobs.

Jan 22, 2013

Sweden getting squeezed by others’ love of its currency

STOCKHOLM, Jan 22 (Reuters) – Export-reliant Sweden’s
avoidance of the worst problems of the euro zone crisis may have
come at a price: A strong crown risks dampening economic growth
by dragging on exporters, who need a favourable exchange rate.

The economy has been steadily slowing, and growth this year
is set for a relatively anaemic 1 percent, according to the
central bank.