Fortum in talks with Eon to buy Uniper shares

Finnish company plans to offer all shareholders €22 a share

The Finnish state-controlled company Fortum has confirmed it is in talks with Eon to buy its stake in the German energy company Uniper.

The Finnish company said it is in “advanced discussions” over buying Eon’s 46.65 per cent share in the firm.

In a statement, Fortum said it plans to offer all shareholders, including Eon, €22 a share.

But in an unusual twist, Uniper has issued its own statement, which claims it is “currently not in discussions with either of Fortum or Eon”.

“This unsolicited takeover offer is clearly not in line with the strategy of Uniper as recently reiterated publicly,” said chief executive officer, Klaus Schafer.

Fortum’s president and chief executive officer, Pekka Lundmark, said: “The offer would be an attractive opportunity for Uniper shareholders to capture the full value of their investment.

“Uniper shareholders could lock in the significant share price gains related to a significant degree to the prolonged takeover speculation in recent months.”

“Uniper’s stated role as the provider of security of supply would be an excellent match with Fortum’s ambition to accelerate the energy transition with increasing renewable generation and innovative solutions,” added Lundmark.

“Both are needed to make the change happen and each plays a crucial part as Europe transitions from a conventional to a cleaner and more secure energy future.”

Eon has issued its own statement on the matter, which adds that Eon agrees to the deal with Fortum, it would receive around €3.8 billion for the sale of its stake.

“The agreement, which might be signed in 2017, would include the launch of a voluntary public takeover by Fortum, in which Eon would have the right to decide to tender its shares in early 2018,” the statement adds.