CNNMoney.com- Finland’s TietoEnator OYJ and Norway’s EDB Business Partner ASA are being urged by shareholder Copenhagen Capital to merge to create a Nordic IT giant with yearly sales of 20 bln nkr(2.5 bln eur), Dagens Naeringsliv reported, citing the London-based hedge fund.<\/p>\n
‘We want to do all we can to support a merger between these two companies,’ the Norwegian daily quoted Copenhagen Capital’s head Jonathan Bailey as saying.<\/p>\n
‘There is convincing industrial logic in a merger between the companies. We believe there are synergies of 400 mln nkr,’ he said.<\/p>\n
The fund controls stakes in both companies, including a holding of about 5 pct in EDB, and has already discussed the idea with them.<\/p>\n
EDB is open-minded on the proposal, the paper said, while TietoEnator, which yesterday named General Electric’s (NYSE:GE) Hannu Syrjala as its new chief executive, is cooler on the idea.<\/p>\n