Uniper rejects Fortum takeover bid

26 September 2017

Uniper SE, the subsidiary of the German company E.ON, on 22 September rejected a takeover offer of €3.76bn ($4.51bn) from Finnish energy group Fortum, which it said was unsolicited and not in line with Uniper's strategy. Uniper said it was taken aback by the news of Fortum’s planned bid and announced it is currently not engaged in discussions with either of Fortum or E.ON regarding the transaction proposal. Fortum is offering €22/share for Uniper and expects to acquire a 46.65% share. Uniper’s total assets are valued at €8.05bn. According to Fortum, the businesses of the two companies are complementary. German federal law requires Fortum to offer to buy all shares in Uniper because E.ON owns more than 30% of the company, the Financial Times reported. Uniper had originally intended to take over E.ON’s three remaining nuclear power stations in Germany, Brokdorf, Grohnde and Isar-2. However, in 2015, these were transferred to PreussenElektra.

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