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Swedish government sells 260 million shares in bank Nordea for $3 billion

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(Globalpost/GlobalPost)

STOCKHOLM - The Swedish government says it has raised 19.5 billion Swedish kronor ($3 billion) by almost halving its stake in Nordic banking group Nordea AB.

The government Wednesday said the sale, which cut its holding from 13.4 per cent to 7 per cent, will be used to reduce the Swedish state debt. The shares were sold at 75 Swedish kronor ($11.6) each.

The deal is in line with the privatization plan launched by the centre-right government after it took office in 2006.

The government has previously sold off stakes in stock exchange operator OMX, real estate group Vasakronan and Absolut vodka maker Vin

http://www.globalpost.com/dispatch/news/the-canadian-press/130619/swedish-government-sells-260-million-shares-bank-nordea-3-bi