German energy group E.ON announced on January 8, 2018, the sale of its 47 % stake in offshoot Uniper to Fortum.
The Finnish company takes control at €22 a share, significantly below the market value of Uniper’s shares, which closed at €25.85 on Monday.
E.ON had agreed to sell its stake to Fortum in September 2017. The deal included a series of punitive conditions should the German group decide not to go through with the sale, and which effectively prevented E.ON from taking advantage of the recent rise in Uniper’s shares.
«This transaction enables us to sell our entire Uniper stake at an attractive price for E.ON,» Johannes Teyssen, the group’s CEO, said in a statement. «E.ON will now focus fully on its customers and core businesses in the new energy world. The course has been set for profitable growth.»
Fortum’s President and CEO Pekka Lundmark said late last year that the company is not involved in disputes over the Nord Stream 2 project, but will prop up investments in it provided that the pipeline’s construction is approved by the European Union.
E. ON’s proceeds from the same will total about €3.76 billion.($4.5 billion).
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