STOCKHOLM (Reuters) - Activist investor Cevian Capital has cut its holding in Ericsson ERICb.ST to 5.45% of the telecom equipment maker's share capital in order to adjust the relative weights of its portfolio and to free up capital for new investments, Cevian co-founder Christer Gardell said on Wednesday.
A filing with the U.S. Securities and Exchange Commission, published late on Tuesday, showed Cevian now holds 181.4 million B-shares and 339,228 A-shares in Ericsson.
“Ericsson is still one of Cevian’s largest positions,” Gardell told Reuters.
“Our confidence in Ericsson remains strong as before and we continue to see a significant value potential in the company.”
Cevian, one of Ericsson’s biggest owners, held a 6.45% stake in Ericsson at the end of July, according to an earlier filing, meaning it has cut its holding by some 33 million B-shares since then.
Reporting by Johannes Hellstrom; Editing by Simon Johnson and Louise Heavens
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