Deals
Finnish Utility Fortum to Gain Majority Stake in Germany’s Uniper
- Utility agrees deal with Knight Vinke, Elliott to get 70.5%
- Deal subject to Russian regulatory approval, a prior hurdle
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Fortum Oyj agreed to buy stakes in Uniper SE from two activist investors in a 2.3 billion-euro ($2.5 billion) deal that will give it majority ownership and end the longest takeover saga in the European utilities industry.
The Finnish utility pursued the German power generator for more than two years in what Uniper’s management board saw as a hostile bid for the company spun off from EON SE in 2016. Fortum always maintained it was friendly and that it was seeking a strategic relationship, but talks between the companies ultimately came to nothing. Through the deals with Elliott Management Corp. and Knight Vinke Asset Management LLC., Fortum can now realize its plan.