Billionaire Icahn part of 5% stake in Swedbank

TT/The Local
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Billionaire Icahn part of 5% stake in Swedbank
Carl Icahn with lawyer Paul O'Gara before New Jersey casino regulators in 2000

Venture capital company Cevian Capital, led by Christer Gardell, and American billionaire Carl Icahn have together bought 4.64 percent of the shares in Swedbank, according to a disclosure notice on Monday.


Gardell also seeks a seat on the bank's election committee.

Through Cevian Capital Fund II, Cevian controls 3.58 percent of Swedbank's shares, while Icahn directs another 1.06 percent.

Through his stake, Gardell is eligible for a position on Swedbank's nomination committee, which votes on candidates for the organisation's board.

However, Gardell declined to comment on whether he sees a need to reshuffle the board.

"I do not want to comment on this matter," he said.

Cevian's investment in Swedbank is long-term, according to Gardell.

"We see a potential for a further increase in value," he said.

Gardell intends to communicate his projections to the board.

Icahn is one of the most famous corporate raiders from the US. Most recently, he acquired a 14 percent stake in Mentor Graphics last month. Forbes estimated his net worth as $10.5 billion in 2010, making him the 59th richest person in the world.


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