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By Jussi Rosendahl HELSINKI (Reuters) - State-controlled Finnish utility Fortum has agreed to sell its local power distribution grid to a consortium of institutional investors led by First State Investments and Borealis Infrastructure for 2.55 billion euros ($3.5 billion). At the same time it highlights the increasing popularity of established infrastructure assets for pension funds and other institutional investors seeking relatively safe and assured returns in a low interest rate world. The price Fortum got for the Finnish grid far exceeded expectations and it is now looking to sell its Swedish and Norwegian distribution networks. "It looks like the price is around 10-15 percent higher than what was expected," said Jari Honko, an Alandsbanken portfolio manager who said Fortum was one of his fund's biggest investments.
HONOLULU (AP) — A small plane carrying nine people crashed into the water off the Hawaiian island of Molokai, killing the director of the state Department of Health, officials said. The eight others survived.