Senior executives at Mr Jan Stenbeck's business empire moved quickly yesterday to avert any crisis of confidence in the group after the sudden death of the Swedish business tycoon on Monday night. Uncertainty surrounding the future of his empire, which spans media, telecommunications and other interests in more than 50 countries, was reflected in a sharp fall in the shares of some Stenbeck companies.
Mr Stenbeck, who died of a heart attack at the age of 59, dominated his companies. Questions were immediately raised as to whether the empire would hold together over the long term without his vision and leadership. His interests include Swedish pulp and paper, Russian TV, Indo-Chinese mobile licences and in Tele2 a pan-European telecommunications operator active in more than 20 countries.
Mr Viggo Carlund, chief executive of Kinnevik, Mr Stenbeck's main holding company, denied there would be any crisis of confidence. "It's business as usual. We are going forward. The deals we are working on right now will continue as before."
Mr Stenbeck's eldest child, Cristina (24), is expected to play a prominent role in the succession.
Investors have been concerned about heavily indebted parts of the Stenbeck empire, such as Millicom, the emerging markets telecoms operator, and Metro International, the world's biggest freesheet group. - (Financial Times Service)
