The Time to Invade Finland is Now, Says Business Daily (1)

(Reuters/Scanpix)
6/13/2014 3:05 PM
Category: Economy

Business Daily Äripäev said the time is at hand for Estonian companies to buy into Finland, after Estonian businessman Peter Hunt announced a deal to buy one of Finland's largest textile manufacturers, Finlayson, this week.

With the northern neighbors set for a zero-growth economy this year, and a decline in the manufacturing sector, Estonia could be in a position to move in, Äripäev said today, adding that despite a low growth forecast for Estonia - with the Bank of Estonia cutting its predictions to just 0.7 percent for 2014 - the business sector earned near record profits in the first quarter and decreased costs by 3 percent.

Finnish companies are old and stable: Finlayson for example is nearly two centuries old, and Estonian businessmen could make these companies more efficient, Äripäev suggested.

Hunt is not alone, with energy company Harju Elekter buying into the Finnish market. Maag, Toode, Nortal and Tallink have all bought their northern competitors.

Another factor is a generation change currently going on in Finland, as many heads of family-owned businesses about to retire and their children showing a lack of interest in taking over, giving Estonian companies many takeover targets, the daily said, adding that there are few other takers in the current Finnish economy.


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