The Finnish government has raised €673m ($638m) from a secondary offer in Fortum, the energy company, led by Merrill Lynch and a separate sale in Stora Enso, the paper and wood company, managed by Schroder Salomon Smith Barney (SSSB).

Merrill won the mandate for the Fortum sale, although Morgan Stanley was the bookrunner of the energy company's initial public offering and a subsequent €237m accelerated bookbuild at the end of 2001. Merrill was the global co-ordinator and bookrunner and lead manager for the global institutional offering.