Proventus’ largest new investment in 1989 was made during the fall, when its partly owned holding company in Finland, Fidelity Oy, acquired stock in the industrial conglomerate Wärtsilä.

The reasoning behind the Wärtsilä investment was based on the following points of analysis:

Then, in December 1989, Wärtsilä floated a special share issue to the construction company Lohja. This considerably complicated Fidelity’s chances of achieving its ownership goals. At the beginning of 1990, Fidelity therefore sold all of its Wärtsilä shares, corresponding to 12 percent of the company’s capital stock and 11 percent of its voting rights, for SEK 835 million.

Proventus reported a profit of SEK 96 million on its interest in Fidelity. Stock prices for many Finnish companies dropped substantially in 1989. After the Wärtsilä deal, Proventus’ wholly owned Finnish subsidiary, Oy Finventus Ah, analyzed new business opportunities.