Swedish banks face million-crown fines

Ingrid Bonde, director-general of the Swedish Financial Supervisory Authority (Finansinspektionen) is expected to impose a fine of 1,000,000 crowns each on SEB and Handelsbanken for their poor customer information and costly fees for foreign payments.

Private life important for new recruits

Shorter and more flexible working hours are increasingly important for male university graduates to venture into a career, according to a recruitment survey conducted by Elisabeth Wallace, managing director of the recruitment agency Wallace & Co. The survey shows that men nowadays prioritise their families more than before.

Sharper weapon vs corruption

Corruption in Sweden has spread due to the refusal of those in the know to speak out, according to chief prosecutor Christer van der Kwast. As head of the anti-corruption unit, van der Kwast, who led the inquiry into the scandals at Skandia, believes that his organisation will be given broader powers to combat corruption.

SAS aircraft converted into emergency hospital

A unique Swedish project can become a humanitarian export product, reports DN. The project, which is backed by the government, plans to convert a SAS aircraft into a flying emergency and intensive care hospital capable of taking 36 patients.

Boliden builds up treasure chest for major deals

Boliden aims to raise 900 million in fresh capital from a new share issue to position the company for incoming major deals. At the same time the company’s major owner, Outokumpu, is selling shares worth roughly 1.7 billion crowns. Boliden’s shares fell 8 per cent to 27.40 crowns in the wake of the news.

More IT mergers expected

Administrative costs for publicly listed companies combined with thin trading volume are seen leading to more mergers and buyouts of smaller IT companies, according to veteran board director Birgitta Stymme Göransson.

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri


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Corporate deals set to take off in Sweden in 2011: report

Sweden is one of the hottest markets in the Nordic region for corporate mergers and acquisitions, according to a new report.

Eight out of ten managers at large Nordic companies surveyed by business consultancy KPMG expected the M&A market in Sweden to grow in 2011.

Corporate deal growth in Sweden’s neighbours Denmark, Norway, and Finland, meanwhile, was only predicted by about 60 percent of the survey’s respondents.

The results of the survey are published as part of an annual review of M&A activity published by KPMG entitled Competing for growth 2011.

“We see that both venture capital firms and industrial firms are well positioned for even more business in 2011,” Christopher Fägerskiöld, head of M&A advising for KPMG Sweden, said in a statement.

According to Fägerskiöld, venture capital firms have had a difficult time selling their holdings during the financial crisis, leading to a pent up need to sell.

“At the same time, they need to show they can make acquisitions, not least those who plan on taking in money for new funds,” he said.

Last year, there were 158 deals in which companies from outside the Nordics bought a Nordic company, an increase of 48 percent.

“The most notable example was that Volvo Cars was sold to Chinese Geely,” said Fägerskiöld.

“It’s the first time that a privately owned Chinese company has bought a large and well-known western European company. It may very well pave the way for similar acquisitions.”

Respondents to the survey singled out China as the non-Nordic country that will likely carry out the most deals in the Nordic region in 2011, followed by Germany and the United States.

“We see a large interest from Swedish industrial companies to strengthen their position in Asia by acquisitions or cooperation with local companies,” said Fägerskiöld.

Many companies feel pressure to act so that the competition doesn’t get to China first.”