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Fortum wraps up 3.7bn-euro purchase of German power firm Uniper

Finnish energy giant Fortum said Tuesday that it had purchased 47.35 percent of Uniper and could increase its shareholding to 50 percent.

Fortumin Keilaniemen konttori.
Fortum's Keilaniemi headquarters. Image: Jyrki Lyytikkä / Yle

The completion of Fortum’s takeover bid for the German fossil-fuel energy company Uniper gives the Finnish company a 47.35 percent stake in the firm, along with 47.12 percent of voting rights.

In a release issued Tuesday, Fortum said that it had paid a total of 3.7 billion euros in a cash deal for all of the shares up for sale.

The transaction followed a green light from the European Commission and Russia’s anti-monopoly authority. The company said that it has clearance to purchase up to 50 percent of Uniper in accordance with a limitation set by Russian regulators, and indicated that it may follow through to further secure its voting position in future Uniper annual general meetings.

Uniper has a subsidiary in Russia, Unipro, whose core business is electricity production from gas and coal.

Fortum said that as of 30 June, it will consolidate Uniper as an associated company.

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