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Finnair’s largest foreign owner pulls out

One of Europe's few surviving small national carriers, Finnair remains about 56 percent state-owned after a Norwegian sell-off.

Finnairin kone kentällä.
Established in 1923, Finnair is one of the world's oldest airlines. Image: Yle

Finnair’s second-largest owner has sold all its shares in the flag carrier. Funds controlled by the Norwegian investment firm Skagen AS had held about six percent of Finnair stock. 

Based on Wednesday’s stock price, the shares changed hands for some 16 million euros.

The national airline announced the change in its ownership base on Wednesday evening.  The state of Finland and the public-sector pension fund Keva own more than 60 percent of the company’s approximately 128 million shares.

The airline’s next-biggest domestic owners the pension funds Ilmarinen and Varma, with about two percent each.

Two weeks ago, British airline Flybe announced it was selling its share in a joint venture with Finnair to the Finnish company and withdrawing from the Finnish market by year’s end.

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