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Denmark’s ATP Writes Down $324 Million Northvolt Stake, DR Says
- ATP CEO says investment value ‘won’t be very far from zero’
- Pension fund owns roughly 5% of battery producer Northvolt
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Denmark’s biggest pension fund, ATP, is taking a major hit on its 2.3 billion-krone ($324 million) stake in troubled battery maker Northvolt AB, Danish broadcaster DR reported.
ATP is one of the largest owners in Northvolt with a stake of about 5%. The value of that holding “probably won’t be very far from zero,” the asset manager’s Chief Executive Officer Martin Praestegaard told DR in an interview, stopping short of giving a specific amount for the writedown. “By far most of the investment is gone,” Praestegaard said, according to DR.