WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE

  Sweden's Wallenberg group fought back
  a bid by the London-based Swedish financier Erik Penser to
  secure a large stake in Swedish Match &lt;SMBS ST>, one of the
  companies at the core of their business empire.
      A statement issued by the Wallenberg holding companies AB
  Investor and Forvaltnings AB Providentia said they had taken
  over an option held by Nobel Industrier Sweden AB to acquire 33
  pct of the voting rights in Swedish Match.
      Thre Wallenbergs paid Nobel Industrier &lt;NOBL ST>, in which
  Penser group has a 72 pct stake, about 20 pct over the market
  price for the Swedish Match option, the statement said.
      Swedish Match's B shares open to foreign buyers closed at
  424 crowns on Friday. The A shares -- with increased voting
  rights -- closed at 450 crowns for the restricted and 455 for
  the free shares.
      The statement said the deal increased Investor's stake to
  49.4 pct of the voting rights and 14.8 pct of the share capital
  while Providentia is left holding 34.1 pct of the voting rights
  and 14.5 pct of the share capital in Swedish Match.
      The Wallenbergs' stake in Swedish Match had previously
  amounted to 52 pct of the voting rights in the company.
      The Swedish Match deal will cost the Wallenbergs about 400
  mln crowns, share analysts said, making it one of the most
  expensise moves the group has undertaken in the last four years
  to defend its far-flung interests from outside predators.
      The Wallenbergs originally sold Nobel Industrier, an arms
  and chemicals group, to Penser in 1984 to pay for buying Volvo
  &lt;VOLV ST> out of two other key group companies, Atlas Copco
  &lt;ASTS ST> and Stora Koppabergs &lt;SKPS ST>.
      Since then, the Wallenbergs were ousted as the largest
  shareholders in SKF (SKFR ST> by Skanska AB &lt;SKBS ST> and
  Frederik Lundberg wrested control of Incentive AB from them.
      Lundberg, a Zurich-based Swedish property tycoon, also
  managed to acquire a 25 pct stake in another Wallenberg
  company, the diary equipment firm Alfa -Laval AB &lt;ALFS ST>.
      During 1986, the Wallenbergs have been concentrating on
  building up their stake in Investor and Providentia to prevent
  any raid on the heart of their business empire.
      But analysts say the Wallenbergs' position in the
  electrical engineering firm ASEA AB &lt;ASEA ST> is also too small
  at 12.6 pct of the voting rights and there has been growing
  speculation that the group will be forced to sell off fringe
  interests to protect its core activities.
  

