E.ON wants to sell remaining Uniper stake to Fortum for €3.76 billion

10/01/2018 15:51 Energy


German energy group E.ON declared it would sell its last  46.65% stake in Uniper to Finland’s Fortum.

The decision correlates with a prior deal inked in September, when E.ON decided to put on sale the stake at an established price of 22 euros per share to Fortum by 11 January. 

For all other Uniper shareholders, Fortum’s 8.05 billion euro bid runs until 16 January. Now it not known if there will be enough investors to obtain over 50 percent in Fortum.

Uniper was against the deal, telling that the joint agreement is not very strategic. Uniper strongly relies on gas- and coal-fired power plants, while Fortum is focusing on clean technologies. 

The Finnish company announced last week that Uniper shareholders had put on sale 46.81 percent of the company’s share capital, counting E.ON.

Petri Gostowski, analyst at research firm Inderes declared: “Our base scenario is that Fortum will still get the majority during this offer. Not many investors have tendered their shares yet, but usually large institutional investors do it at a later stage of an offer.”

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