Double raise and a successful CEO who leaves – here are the week’s most important news
Nordic Capital wants to buy back Cary Group, the Riksbank raised the key interest rate by 50 basis points to 0.75 percent, Ola Rollén the CEO position for Hexagon and the half-year received a gloomy stock market result. They guide you through this week’s most important news.Published: 2 July 2022, 07:19Nordic Capital’s turnaroundAnders Jensen, CEO of Cary Group. Photo: Jesper FriskNordic Capital wants to lift Cary Group off the stock exchange, just nine months after the venture capital company listed the company that in Sweden is best known for Ryds Bilglas. The offer, which takes place together with the venture capital colleague CVC, is 7 percent lower than what Nordic Capital sold the shares for at the time of listing. This is far from the first time that there is reason to criticize Nordic Capital’s introductions. The major owner AMF, which signed both in connection with this and other Nordic Capital introductions, immediately said no to the offer. It can also be noted that the advisor Carnegie was both at the listing and now at the offer of delisting.Double increase from the RiksbankPhoto: Joey Abrait Exactly as Di’s shadow shadow proposed earlier this week, the Riksbank raised the key interest rate by 50 basis points to 0.75 per cent. The journey away from the long-term zero interest rate is thus taken with great strides. The Riksbank is also announcing further increases so that the policy rate, according to the forecast, will land at around 2 per cent at the beginning of next year. Many analysts expect two more double increases during the autumn. The outgoing Governor Stefan Ingves, who held on to the zero interest rate for much longer than many outside the central bank wanted, commented on the message that “Inflation in Sweden is too high and it is time for the Riksbank to act”.Success CEO changes focusThe succession in the measurement technology company Hexagon follows the school book. This is not to say that there can be no worries when Ola Rollén – one of the Stockholm Stock Exchange’s by far the most successful CEOs – will change to the role of chairman. When Ola Rollén took over as CEO of Hexagon 22 years ago, it was a small workshop conglomerate with a market capitalization of approximately SEK 1.5 billion. Since then, Hexagon has become a leader in measurement technology and has grown to a market capitalization of just under SEK 300 billion, more than telecom veteran Ericsson. Ola Rollén will also devote a lot of time to his other investments, where he is now also starting to talk about a possible IPO Greenbridge. For several years, Ola Rollén has steadily reduced its previously extensive shareholding in Hexagon, and instead invested more and more in its private equity portfolio. Gloomy six months on the stock marketFriday admittedly offered a weak stock market rise, but when the first half of the year ended on Thursday, it was with a really gloomy stock market result. Indices were traded during the day periodically at the lowest year, in total the Stockholm Stock Exchange’s broad index fell by almost 30 percent during the half year. Among the big losers were the real estate companies and the series acquirers that were very popular for a while. Investors generally shun companies with large indebtedness when interest rates now rise, and expectation companies where imagined profits are far into the future. The few winners include defense-related shares, led by Saab.