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UPDATE 2-NORDIC STOCKS - Factors to watch on Sept 4
September 4, 2013 / 6:12 AM / 4 years ago

UPDATE 2-NORDIC STOCKS - Factors to watch on Sept 4

(Adds Chr. Hansen)

HELSINKI, Sept 4 (Reuters) - The following stocks may be affected by newspaper reports and other factors on Wednesday:


The Danish food ingredients maker lowered its long-term sales target late on Tuesday and said its operating margin is expected to grow at a slower pace in the years ahead due to investments in innovations and in emerging markets.

The company said it expected revenue to grow organically by 7 to 10 percent per year in the next five years, against an earlier guidance of 8 to 10 percent.

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Nokia’s U.S. shares rose 31 percent on Tuesday to $5.12 or 3.89 euros on its deal to sell its handset business to Microsoft Corp for $7.2 billion. The closing price is 0.08 euros or 2 percent lower than the stock’s final quotation in Helsinki bourse earlier on Tuesday.

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Scandinavian airline SAS said it was on track to make a profit for its fiscal year 2012/13 after inking a pre-tax profit for the third quarter.

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Norwegian pharmaceutical firm Algeta, which has developed a novel prostate cancer drug, launched on Wednesday a $120 million convertible bond due in 2018.

Algeta will use the funds for the development and commercialization of potential new drugs and may also use it for acquisitions, it said.

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Offshore engineering firm Subsea 7 won a $140 million contract from Norway’s Statoil to remove and replace subsea equipment, including risers and flowlines, it said on Wednesday.

Offshore work on the contract is scheduled between 2014 and 2017, it added.

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The world’s top bearing maker is ready to make new acquisitions, its chief executive Tom Johnstone said in an interview in business daily Dagens Industri.

In 2010, SKF paid $1 billion for Lincoln Industrial, a U.S. maker of industrial lubricants, and Johnstone said SKF was ready to make a purchase of a similar size.

“If the opportunity turns up, we will go for it,” he said.

Johnstone said bearings, seals and services are areas where SKF could strengthen its business through acquisitions.

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Shipping tycoon John Fredriksen is considering breaking up his unlisted Frontline 2012 company into separate dry bulk, LPG and crude/product tanker entities, the firm said.

The company, which has 61 newbuilds on order and still needs to pay $2.5 billion in installments on the new vessels, is also considering raising up to $250 million to finance both a recent acquisition and its fleet development.

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Additional reporting by Copenhagen, Oslo and Stockholm newsrooms $1 = 0.7601 euros

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