Swedish giants rush to snap up foreign firms

Large Swedish companies are buying up more and more foreign firms, according to a report published on Friday.

While the growth in purchases levelled off slightly in the final quarter of 2005, the number of deals for the year as a whole increased by 15% compared to the year before, reported accountancy firm Ernst and Young.

“We can see a clear trend of Swedish companies being more active abroad when it comes to public bids for major listed companies,” wrote Ernst and Young, noting that a similar pattern had already been identified this year.

A majority of the transactions were carried out in the building and manufacturing industries, as well as within the financial sector.