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09.01.2018 13:46
E.ON to Sell Remaining Uniper Stake to Fortum for €3.76 bln

  • © E.ON

German energy group E.ON said it would tender its remaining 46.65 percent stake in Uniper to Finland’s Fortum, Reuters reported.

The decision confirms a preliminary deal struck in September, when E.ON agreed it could tender the stake at a fixed price of 22 euros per share to Fortum by 11 January. E.ON spun off Uniper and its power plants in 2016 to focus on more promising networks and renewables.

Fortum’s 8.05 billion euro bid runs until 16 January for all other Uniper shareholders. The question is whether enough investors will tender to get Fortum over the 50 percent mark.

“We welcome E.ON’s decision to accept our offer, which we believe is a fair reflection of Uniper’s value and performance since its spinoff from E.ON,” Fortum CEO Pekka Lundmark said in a statement. He believed the investment supported Fortum “in accelerating the transition to a clean and secure energy future.”

Uniper has opposed the deal, saying the combination makes little strategic sense given Uniper’s heavy exposure to gas- and coal-fired power plants compared with Fortum’s focus on clean technologies. “We stick to our opinion that Uniper can successfully compete as a stand-alone company,” a Uniper spokesman said.

The Finnish group said last week Uniper shareholders had tendered 46.81 percent of the company’s share capital, including E.ON in the calculation, Reuters reminded. E.ON said members of its management board who hold Uniper stock privately would tender their shares to Fortum as well.

“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,” said Petri Gostowski, analyst at research firm Inderes.

TAGS: E.ON | sale | stake | Uniper | Fortum | offer | investors 

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