Money briefs: Geely ups Saxo Bank stake to 51.5%

Geely ups Saxo Bank stake to 51.5%

COPENHAGEN • Chinese automotive group Geely will increase its stake in Denmark's Saxo Bank to 51.5 per cent, while Finland's Sampo Oyj will take a stake of 19.9 per cent, Saxo said yesterday.

Sampo said in a separate announcement that it would pay €265 million (S$423 million) for its stake.

Saxo Bank said Geely would pay the same price.

Geely, which owns carmaker Volvo, said in May it would take a 30 per cent stake in Saxo Bank.

Saxo Bank derives most of its income from its online trading platform, and Geely said yesterday that it believed the Danish firm's technologies could be expanded across Asia.

REUTERS


Taiwan Semiconductor head to retire

TAIPEI • Taiwan Semiconductor Manufacturing chairman and founder Morris Chang will retire in June next year, handing the helm of the world's largest producer of made-to-order microchips to the company's two co-chief executives.

Mr Mark Liu will take over as chairman, while Mr C. C. Wei will become chief executive officer, the company said in a statement that confirmed longstanding speculation about the heirs-apparent.

The announcement establishes a formal succession at the contract manufacturer of chips for Qualcomm and Apple, its largest customer.

The company has, in three decades, established itself as the world's pre-eminent foundry or contract chipmaker.

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A version of this article appeared in the print edition of The Straits Times on October 03, 2017, with the headline 'Money briefs: Geely ups Saxo Bank stake to 51.5%'. Print Edition | Subscribe