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Fortum launches $9.5B bid for Uniper after securing E.ON stake

Sep. 26, 2017 6:40 PM ETFortum Oyj (FOJCF) StockFOJCF, EONGY, UNPRFBy: Carl Surran, SA News Editor5 Comments
  • Finnish power utility Fortum (OTCPK:FOJCF) says it has launched an €8.05B ($9.5B) takeover offer for Uniper (OTC:UNPRF) after securing an agreement from E.ON (OTCPK:EONGY), the German utility’s biggest shareholder and former parent company.
  • Uniper’s management is against the deal but E.ON, which fully owned Uniper until last year, has signed an agreement with Fortum to tender its 46.7% stake, worth €3.8B, early next year.
  • Fortum, which is offering €22/share, would be obliged under German takeover rules to launch a bid if it acquires E.ON’s stake as it would then own more than 30% of Uniper.

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