A Celebration of Jewelry and the Business Behind the Beauty
Leibish & Co
Wednesday, August 17, 2011
Danish Authorities Investigate Pandora’s IPO
One of the largest IPOs in 2010 is now being investigated by the Danish government.
The Danish Financial Supervisory Authority, the country’s market regulator, said Tuesday they will ask police to investigate Nordea Bank Denmark, a unit of Sweden's Nordea, for failing to report its financial interest in jewelry maker Pandora in an investment analysis prior to the company’s float in October, Reuters reports.
The FSA said at the time of the analysis, Nordea’s indirect ownership in Pandora was 3.9 percent, the FSA reportedly said. Before the company was listed on the Copenhagen stock exchange, that stake was worth around 1.23 billion Danish crowns ($238.5 million).
“It is the FSA's evaluation that the general disclaimer does not sufficiently live up to the notice requirements regarding the announcement of significant financial interests,” the FSA reportedly said in a statement.
Nordea has reportedly admitted fault and said it will “adjust” its notification policy.
This blog is for those who are passionate about jewelry and watches and want to learn more about the industry. It's a place to find the best new products from all over the world and the latest news about the business of jewelry, watches and luxury. Readers gain a backstage pass to the glamour, fun and difficulties of the industry.
I am a freelance writer and editor who covers the luxury jewelry and watch industry for several publications, including Forbes.com the Financial Times, Hong Kong-based JewelleryNetAsiaand the Italian jewelry magazine, VO+. In addition, I have my own blog covering the jewelry and watch industry, Jewelry News Network.