Shares in Swedish group Hexagon jump 16% after reports of $20bn sale
Shares in Swedish industrial technology company Hexagon climbed 16 per cent on Wednesday morning after reports the group is considering putting itself up for sale.
The Wall Street Journal first reported after European markets closed on Tuesday that Hexagon, which specialises in precision measuring technologies, had held early-stage talks on a possible sale to a US or European rival, which could be worth around $20bn.
In an update for investors on Wednesday morning, Hexagon said it “regularly evaluates various opportunities to optimise the company’s positioning and shareholder value. Should these evaluations lead to concrete results, the market will be immediately informed”.
Hexagon has grown into one of Sweden’s largest companies – with a market capitalisation of over SKr150bn ($17bn) – under chief executive Ola Rollen, who has led the group since 2000. Mr Rollen was arrested and charged with insider trading in connection with an unrelated investment last October. At the time, his lawyers said he “firmly” denied the allegations.
Shares in the company were up 14 per cent at publication time, to SKr432.