Finnish financial services group Mandatum saw its shares fall nearly 8% after private equity firm Altor offloaded a major stake worth €238 million. The sale of 35 million shares at €6.80 each represented about 7% of Mandatum's total share capital and was priced at a 7% discount to the previous closing price.

The transaction, executed by Citi and SEB as joint bookrunners, was placed with institutional investors across Finland, the Nordics, and other qualified international investors. Altor's remaining stake of 22.4 million shares, representing approximately 4.5% of the company, is subject to a 90-day lock-up agreement. The company itself will not receive any proceeds from the sale.

This significant divestment marks a major shift in Altor's position in Mandatum, following what appears to have been a successful investment period. The sharp share price reaction reflects market sensitivity to large block trades, particularly when they involve substantial discounts to current trading levels.