Denmark’s biggest pension fund, ATP, is taking a major hit on its 2.3 billion-krone ($324 million) stake in troubled battery maker Northvolt AB, Danish broadcaster DR reported.
Yan Cimon, professor of Strategy Faculty of Business Administration Université Laval, talks about the future of Northvolt's Quebec plant.
ATP is one of the largest owners in Northvolt with a stake of about 5%. The value of that holding “probably won’t be very far from zero,” the asset manager’s Chief Executive Officer Martin Praestegaard told DR in an interview, stopping short of giving a specific amount for the writedown. “By far most of the investment is gone,” Praestegaard said, according to DR.
Northvolt filed for Chapter 11 bankruptcy protection in the US on Nov. 21 following months of talks with owners, customers and creditors to save the embattled battery producer. Having failed to raise funds, the company had just one week’s cash in its accounts at the time of the filing.
Markets Consumer Goods Retail Consumer Discretionary Company News Europe Industry Energy World Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volkswagen has taken major writedown on Northvolt stake, sources saySeveral of Northvolt’s top shareholders have been cutting or reviewing the value of their holdings in the EV battery maker
Read more »
EV battery manufacturer Northvolt faces major roadblocksSwedish electric vehicle battery manufacturer Northvolt is fighting for its survival as Canadian taxpayer money and pension fund investments hang in the balance.
Read more »
Northvolt's bankruptcy filing won't affect Quebec battery plant, says economy ministerChristine Fréchette, Quebec's economy minister, says the biggest risk is the $170 million Quebec invested in the Swedish company.
Read more »
EV battery maker Northvolt files for Chapter 11 bankruptcy protection in U.S.The filing by its most developed battery player is the biggest blow yet to Europe’s hopes of building its own EV battery sector
Read more »
EV battery maker Northvolt files for bankruptcy protection in the U.S.Stockholm-based company, which counts four major Canadian pension plans among its lenders, said the filing will allow it to meet its obligations to customers
Read more »
Northvolt says Quebec battery plant will proceed despite bankruptcy filingMONTREAL — Northvolt AB is filing for bankruptcy protection in the United States, but says the move will not jeopardize the manufacturer's planned electric vehicle battery plant in Quebec.
Read more »