Takeover Board

The Takeover Board is appointed by the Board of the Securities Market Association and responsible for monitoring takeover bids and other mergers and acquisitions of listed companies and issue recommendations on practices related to takeovers, mergers and acquisitions.

The Takeover Board may be requested to provide an opinion on the interpretation of the Helsinki Takeover Code, good securities market practice or corporate law issues related to the takeover bid process.

Composition of the Takeover Board

Chair and vice chairs of the Takeover Board:

  • Counsellor of Law Juhani Mäkinen, Aval Ltd, chair
  • Director Tarja Tyni, Mandatum Life, 1st vice chair
  • Managing Partner Juha Karttunen, Sisu Partners Ltd, 2nd vice chair

Other members of the Takeover Board:

  • Chief Financial Officer Pia Aaltonen-Forsell, Outokumpu Oyj
  • Executive Vice President Kari Hietanen, Wärtsilä Corporation
  • Board Professional Kim Karhu
  • General Counsel Mikko Korttila, Alma Media Corporation
  • CEO Sari Lounasmeri, Finnish Foundation for Share Promotion
  • Associate Professor Heikki Marjosola, University of Helsinki
  • Board Professional Hanna Maria Sievinen
  • Professor Veikko Vahtera, University of Tampere


  • Senior Advisor Ville Kajala, Finland Chamber of Commerce

More information

Ville Kajala

Ville Kajala

Johtava asiantuntija, Keskuskauppakamari

+358 50 376 1460


Rules of procedure of the Takeover Board

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