Carnegie Investment Bank and Max Matthiessen to be sold separately
Press release 21 November 2008
The Swedish National Debt Office has decided to commence the sales process for the government's shares in Carnegie Investment Bank AB and the insurance broker Max Matthiessen Holding AB. These companies will be sold as separate entities. The shares became the property of the government on 10 November after they had been pledged for a loan of SEK 2.4 billion granted to the bank by the Debt Office.
The Debt Office, with the assistance of consultants, has analysed the companies and we consider that it would be best to sell the companies separately. Max Matthiessen is not integrated into the investment bank and the Debt Office also considers that there is a group of buyers who are only interested in the insurance broker. This division will not impede offers from purchasers seeking the acquisition of both companies.
The Debt Office has also appointed the accountancy firm Öhrlings PricewaterhouseCoopers to value the shares in Carnegie Investment Bank AB. The investment bank Lazard will value the shares in Max Matthiessen Holding AB.
The aim of this valuation is to determine the value of the pledged property. If the valuation shows that the value of the shares on takeover exceeded the amount of the loan, the surplus will be repaid to the previous owner, the listed company D. Carnegie & Co.
The valuation of the shares shall take into account the situation at the time of the takeover. At that time, all of Carnegie's licences to conduct bank and securities business in Sweden had been withdrawn and there was a legal obligation to wind up Carnegie's business. According to the decision of Finansinspektionen (the Swedish Financial Supervisory Authority), this was to be implemented by means of liquidation. The value shall be determined as if the company had not been covered under the government support scheme. If the Debt Office and D. Carnegie & Co do not agree on the value of the pledged property, this issue may be determined by the review board established under the framework of the Government's stability programme.
For further information, please contact: Bo Lundgren, telephone +46 (0)8-613 46 51 Daniel Barr, telephone +46 (0)8-613 46 94 Marja Lång, telephone +46 (0)8-613 46 54