* Finland cuts its stake in the operator to 10 pct
* Sale to bolster government finances
(Adds background on state ownership, Solidium comment)
HELSINKI, Sept 5 Finland's state investment fund
Solidium sold 368 million euros ($485 million) worth of shares
in TeliaSonera, cutting its stake in the Nordic
telecoms operator to 10.1 percent from 11.7 percent.
The average price of the 68 million shares, which were
placed with investors, was 5.41 euros or 47.1 Swedish crowns per
share. TeliaSonera shares were down 2.6 percent at 47.23 crowns
by 0800 GMT.
"We will use the (TeliaSonera) proceeds mainly to finance
our profit distribution to the state," Solidium's managing
director Kari Jarvinen said in a statement on Thursday.
A lawmaker told Reuters last month the government would
likely trim its stake in TeliaSonera or investment group Sampo
, amid efforts to bolster its coffers.
The Finnish coalition government aims to raise half a
billion euros a year from share sales to boost revenues and
maintain Finland's triple-A rating in the face of falling taxes
and rising spending on an ageing population.
Finland is still the second-biggest shareholder in
TeliaSonera, a result of a Nordic merger in 2002, after the
(Reporting By Jussi Rosendahl; Editing by Erica Billingham)