The
Economist has just released an article on this 150 years old family whose role
in the swedish economic history has been predominant. Today, the fifth generation manages the family
multi-businesses, with Jacob Wallenberg running Investor, the family holding
company and Marcus, his cousin, leading Skandinaviska Enskilda Banken, a bank
which was created by their ancestor.
Here is a
list of the participations held by Investor.
There is an
obvious gap between the percentage of ownership and the voting rights. The
shares are estimated to be traded at only 75% of their value due to this discrepancy.
The origin
of the family business is purely financial. It started with the foundation of
SE Banken. However, the family has played a key role in the development of a
large number of the swedish industrial corporations.
The story
of this family is interesting in many regards, and not only by the long-lasting
success of its investments. Apart from the Bonnier group, with a dominant
position in the publishing and press business in Sweden, not a single family
with an industrial tradition is to be found anymore in such a developped
country.
Moreover, and
it is perhaps a symptom or our time, the stakes of Investor are slowly
converted into Private Equity (16 % of its Net Asset Value today). The swedish business
community is wondering now whether the trend will carry on. This is another
interesting case showing the growing importance of Private Equity against the stock markets, to
be followed by any means.
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