By Olivia Bugault

Fortum Oyj said Friday that it has increased its stake in Uniper SE to 73.4% after purchasing a stake held by Elliott Management and its affiliates.

Fortum has closed the second and final tranche of the agreement it had with Elliott regarding the purchase of Uniper shares, it said. The agreement was signed on Oct. 8, 2019, and the first tranche was closed on March 26, it said.

"Today's 3.84% share purchase increases Fortum's holding to 73.4% of the shares and voting rights in Uniper, and Fortum's acquisition cost to approximately 6.5 billion euros ($7.03 billion)," the Finish state-controlled utility company said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

May 08, 2020 10:35 ET (14:35 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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