Fortum Receives Russian Authority's Approval to Acquire Additional Shares in Uniper
02 Marzo 2020 - 12:38PM
Dow Jones News
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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