Fortum Eyes Uniper Closure this Month

Finnish energy company Fortum expects to conclude its purchase of a minority stake in German utility Uniper later this month, having secured the unconditional decisions from the European Commission and from the Russian federal anti-monopoly service, it said June 15.

The 47.12% stake makes it the biggest shareholder, but it will have limited representation in the company: it told NGW June 19 it is expecting to have the seat on the supervisory board which is now occupied by E.ON, which sold Fortum all its Uniper shares. E.ON had owned 46.65% of Uniper and very few of Uniper's other shareholders took up Fortum's offer.

The EC concluded the transaction would raise no competition concerns in the EU power markets; and the Russian agency only imposed a requirement that Fortum does not make "unjustified price increases on the wholesale electricity market." Fortum said it did not expect this obligation to have any material impact on its operations.

All the conditions have now been satisfied, Fortum said, and Fortum can proceed with the closing the offer, which it says will be no later than June 27.