October 24, 2017 / 8:19 AM / a month ago

Fortum to file $9.5 billion Uniper bid with German regulators

HELSINKI/FRANKFURT (Reuters) - Finnish power utility Fortum (FORTUM.HE) will officially submit its 8.05 billion euro ($9.46 billion) bid for German peer Uniper (UN01.DE) to German regulators on Tuesday, a spokeswoman for the company said.

FILE PHOTO: A general view of the Fortum headquarters in Espoo, Finland August 18, 2017. REUTERS/Lefteris Karagiannopoulos/File Photo

She said Fortum would not release details about the offer, to be filed with Germany’s financial watchdog BaFin, until it has been reviewed and approved by mid-November.

Fortum last month clinched a deal to buy E.ON’s (EONGn.DE) remaining 46.65 percent stake in Uniper in early 2018, triggering a bid for all shares due to German rules. Uniper is considering Fortum’s approach as hostile.

“We expect BaFin to thoroughly review the filing,” a said spokesman for Uniper, which fears the group might be broken up if a deal should succeed.

“We also trust that the guarantees and agreements between Fortum and E.ON, which have been frequently mentioned but not made public so far, will be taken into account. Until now, we only know of the plans as statements of intent from the media.”

Fortum has said in the case of a successful takeover it would not cause Uniper to implement forced redundancies or change the location of its headquarters in Duesseldorf.

Shares in Uniper, which was spun off from E.ON last year, are currently trading at around 24 euros, above Fortum’s 22 euro per share offer.

Reporting by Tuomas Forsell, Christoph Steitz and Tom Kaeckenhoff; Editing by Jussi Rosendahl and David Evans

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below