Wallenbergs buy into Norwegian company

Swedish aerospace and defence company Saab has bought a large shareholding in Norwegian company Aker Holding, which is the largest owner of Norwegian industrial company Aker Kvaerner.

Saab, controlled by Sweden’s powerful Wallenberg family, is investing around 1.4 billion kronor in the holding company, giving it a 7.5 percent share. The Wallenberg’s holding company, Investor is buying a further 2.5 percent of Aker Holding.

Aker Kvaerner provides technological and construction services to the oil and gas industry. Saab said in a statement on Friday that the deal depends on the approval of the Norwegian Parliament, likely to take place in the autumn.