04.02.2012 13:09
The merger of Enso-Gutzeit Oy and Veitsiluoto Oy in 1996 created one of the biggest integrated forest companies in Europe, Enso Oy. In 1998, Enso Oy and Stora Ab merged and the world's largest paper industry company Stora Enso Oyj was established.
The grids owned by Imatran Voima Oy and Pohjolan Voima Oy were centralised into the newly established Finnish Power Grid plc (Fingrid). The company, which started operations in autumn 1997, promotes the functioning of the common liberated Nordic electricity markets.
The old agreement between the State and the electric utilities in Northern Finland concerning the right to buy State electricity generated by Kemijoki Oy below the market price was terminated in 1997. Moreover, the State sold its hydropower shares in Kemijoki Oy to Imatran Voima Oy, UPM-Kymmene Oyj, Enso Oyj, and to the electricity distribution companies in Northern Finland.
Oy Sisu Ab was merged with Partek Oy Ab at the beginning of 1997,and the State became the biggest shareholder of the new engineering enterprise.
Imatran Voima Oy and Neste Oyj merged in 1998 to form the energy group Fortum Corporation.
In 1998, Alko-Yhtiöt Oy was divided into three parts,of which Altia Group Ltd, engaged in production and wholesaling of alcoholic beverages, was transferred under the MTI's administrative branch.
In 1998, Valmet Oyj merged with Rauma Oyj which led to a global forest and wood-processing machine corporation Valmet-Rauma, later Metso Corporation.
Leonia Plc, which was established as a result of the merger of Postipankki Oy and Finnish Export Credit Ltd in 1997, was merged at the end of 2000 with Vakuutusyhtiö Sampo Oyj to form a banking and insurance group. In February 2001, Mandatum Bank Plc joined the group which adopted the name Sampo plc.
Sonera Corporation and the Swedish Telia AB merged in 2002 to become TeliaSonera AB, the leading telecom operator in the Nordic countries and Baltics. The Finnish Government owns 13.7 % of TeliaSonera AB.
Kemira GrowHow Oyj was separated from Kemira Group in 2004 and listed on Helsinki Exchanges.
The oil business of Fortum Corporation was separated from the Group and Neste Oil Corporation was listed in 2005 on Helsinki Exchanges.
State Shareholdings in Finland 2006 (pdf)
Value of State shareholdings
Privatisation proceeds
