Finnair has confirmed that its second largest shareholder, Norwegian investment firm Skagen, has sold its stake in the carrier.
Skagen held approximately six per cent of Finnair’s shares, selling them yesterday (November 26) in a deal estimated to be worth €16m ($20m), according to local news reports.
Finnair remains more than 50 per cent state owned, with Finnish pension funds making up the next largest shareholders.
The news came just weeks after Finnair announced that UK-based carrier Flybe will sell its 60 per cent share in the airlines’ joint venture (JV), Flybe Nordic, by the end of the year. Flybe’s exit comes after the partners failed to resolve the JV’s “profitability issues”.