STOCKHOLM (Reuters) – Sweden’s Investor AB has regained the position as the biggest shareholder in mobile telecom gear maker Ericsson during the third quarter, overtaking Cevian Capital, the investment firm said on Monday.
Investor bought Ericsson shares for around 1 billion Swedish crowns ($123 million) in the third quarter, raising its stake to 6.6 percent from 5.9 percent at the end of the second quarter, exceeding Cevian Capital’s 6.4 percent.
Investments - Time - Time - Valuation - Stefan
“We make add-on investments from time to time when we think valuation is attractive,” said Stefan Stern, head of communication at Investor.
Ericsson shares initially rose as much as 2.6 percent but fell back to trade 0.4 percent higher by GMT 0857.
Ericsson - Competition - China - Huawei - Finland
Struggling Ericsson has been hit hard by competition from China’s Huawei and Finland’s Nokia as well as weak emerging markets and falling spending by telecoms operators, with demand for next-generation 5G technology still years away.
Its shares have almost halved in value in the past two years but started to rise last week...
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