Novator hikes stake in Elisa to 11.5%

12 Dec 2007

Elisa’s largest shareholder, Icelandic investment firm Novator, bought an additional two million shares in the Finnish telco Elisa last month, according to data on the Helsinki-based company’s website. Novator, which now holds 11.5% of Elisa, is aiming to gain control at Elisa’s extraordinary general meeting of shareholders in January. It has made no secret of the fact that it would like to change Elisa’s board, structure and strategy, saying it would improve shareholder value. In an interview with the Financial Times, Novator head Thor Bjorgolfsson attacked the operator’s board, saying it was afraid to take risks. ‘The board wants to be middle of the road,’ Bjorgolfsson told the FT. ‘They are behaving like bureaucrats. It’s run like a utility. It always comes back to the status quo,’ he is quoted as saying.

Finland, Elisa Corporation