Activist Cevian Capital trims Ericsson stake to 5.45% By Reuters

Activist Cevian Capital trims Ericsson stake to 5.45%

Stock Markets Sep 02, 2020 04:40AM ET

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Activist Cevian Capital trims Ericsson stake to 5.45%

STOCKHOLM (Reuters) - Activist investor Cevian Capital has cut its holding in Ericsson (ST:ERICb) to 5.45% of the telecom equipment maker's share capital in order to adjust the relative weights of its portfolio and to free up capital for new investments, Cevian co-founder Christer Gardell said on Wednesday.

A filing with the U.S. Securities and Exchange Commission, published late on Tuesday, showed Cevian now holds 181.4 million B-shares and 339,228 A-shares in Ericsson.

"Ericsson is still one of Cevian's largest positions," Gardell told Reuters.

"Our confidence in Ericsson remains strong as before and we continue to see a significant value potential in the company."

Cevian, one of Ericsson's biggest owners, held a 6.45% stake in Ericsson at the end of July, according to an earlier filing, meaning it has cut its holding by some 33 million B-shares since then.

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