Investor in Icelandic bank enters adminstration after government takes stake in the bank
Accountancy Age, 30 Sep 2008
One of Iceland's biggest investors in Glitnir Bank filed for administration after the government took a 75% stake in the bank.
Stodir, the biggest shareholder in Glitnir at 32%, filed for administration after the government's stake diluted those of the original stakeholders.
The insolvency came just a day before Stodir was to vote to approve purchasing a stake in Baugur, the huge retail investor, reported the FT.
Baugur, like Stodir, is controlled by Jón Ásgeir Jóhannesson.
Johannesson had been making moves to protect Baugur from the worst-performing parts of his portfolio in recent months. Baugur had sold its stake in Stodir earlier in the year.
Further reading:
He’s spent more than a decade at the top of...
The race to become the biggest firm on the planet...
Comments
Have your say on this article