Thu, 02 Jul, 2015 12:03:31 AM FTimes - STT Report, July 02  Valio headquarters at Pitäjänmäki in Helsinki. File Photo – Lehtikuva. Finnish diary company Valio on Wednesday said it would withdraw its stake from the Fennovoima nuclear power plant project.
The board of the dairy company reached a decision to sell Valio’s stake in Majakkavoima.
Majakkavoima is one of the main shareholders of Fennovoima through Voimaosakeyhtiö SF.
Valio board chair Vesa Kaunisto in a release issued by the company on Wednesday said the decision was based on the current dairy market situation.
“The situation is such that we do not want to commit capital in the Fennovoima project through the stake in Majakkavoima or through increase in capital share, rather we have decided to put Majakkavoima stake for sale,” Kaunisto said.
Valio’s ownership would entitle the dairy company to 1.6 per cent of power generated by Fennovoima.
Pia Kontunen, the head of Corporate Communications at Valio, said the timing of the decision to pull out was coincidental.
The decision is not related to Tuesday’s announcement which revealed that a previously unknown small Croatian company had become a new majority shareholder of Fennovoima.
The government has been dealing with other Valio’s investments.
The situation in the dairy market has been difficult since Russia imposed a ban on dairy products from EU countries.
Many other Finnish shareholders of Fennovoima have been considering pulling out of the Fennovoima project; however, it has been difficult to find buyers for shares up for sale.
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