Finland Adds to Stake as Valmet Automotive Moves Into Defense
The Finnish government considers Valmet Automotive as a company of national significance, it said.
Photographer: Roni Rekomaa/BloombergThe Finnish state bought Chinese battery maker CATL’s stake in Valmet Automotive as the contract manufacturer enters the defense industry.
The government, together with Finnish family office Pontos Group, acquired the 20.6% held by Contemporary Amperex Technology Ltd. for an undisclosed sum, according to a statement on Monday. Once the financing arrangement is complete, the state will own 79% of Valmet Automotive with Pontos holding the rest.