Finnair’s future has been the target of much speculation in recent years. The previous Minister for State Ownership Steering, Heidi Hautala, let it be known that she was not in principle tied to keeping a majority stake in the flag carrier.
On Friday the senior civil servant at the Department for State Ownership Steering, Eero Heliövaara, said in an interview with Suomen Kuvalehti that the government’s share of Finnair stock could dip as low as 30 percent. He argued that such a dilution is necessary as the company needs to invest in new planes to serve its cash cow Asian routes.
At present the state owns 55.8 percent of the company, and parliament has decided that the government must retain a majority stake. However with public funds limited and debt a risky option to inject funds, a sell-off is tempting.
Finnish ownership: strategically vital?
"Finnair has to invest in planes to fly to Asia," Heliövaara told Suomen Kuvalehti. "It’s a question of billions of euros of investment."
His political boss was not so keen, however.
"In the end the majority ownership line is decided by parliament, and when there are ownership steering plans I am the responsible minister," said Pekka Haavisto. "These companies are just sold in the market square."
Haavisto said it is important to get state-owned companies in shape, ensure good industrial relations, help them turn a profit and then make plans for the future. He also emphasised that Finnair was a significant provider of transport within Finland, and that the firm’s overall strategy—including Russian and Asian routes and the use of Helsinki Vantaa airport as a hub—demanded that the firm remained under majority Finnish ownership.