By Giulia Petroni 
 

Fortum Oyj said Monday that Russia's antimonopoly service approved the company's decision to acquire additional shares in Uniper SE.

"The board welcomes today's decision by the Russian authority and the clarity it brings regarding the future ownership of Uniper," said Matti Lievonen, chairman of the board of directors. "While Chief Executive Pekka Lundmark will be leaving Fortum later this year, our strategy and approach with regard to our acquisition of Uniper remains entirely unchanged." Mr. Lundmark is set to become CEO of Nokia Corp. in September.

The Finland-based energy company still needs a customary merger control clearance in Russia, which is expected to come in the upcoming weeks, it said.

Last year, the Russian government's commission for monitoring foreign investments approved Fortum's acquisition of additional shares in Uniper held by funds managed by Elliott Management Corp. and Knight Vinke Energy Advisors Ltd. The Federal Antimonopoly Service on Monday formalized the government's commission decision.

Following the acquisition, Fortum would raise its stake in the German company to more than 70.5%.

Fortum said the first part of the transaction, which consists of around 19.6% of Uniper's shares, is expected to be closed shortly after the Russian merger clearance decision. The second part, a maximum of 3.8% of shares, is expected to be completed within two months after the first closing.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

March 02, 2020 06:23 ET (11:23 GMT)

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