Finnish Fortum Closes Second Uniper Purchase

Finnish state utility Fortum has closed the second and final tranche of the agreement to purchase the remaining Uniper shares from Elliott Management Corporation and its affiliates, it said late May 8. "Today’s 3.84% share purchase increases Fortum’s holding to 73.4% of the shares and voting rights in Uniper and Fortum’s acquisition cost to about €6.5 ($6.9)bn. The purchase agreement was signed on 8 October 2019 and the first tranche was completed on 26 March 2020.

Until Fortum decides to exercise its right to buy the rest of the shares, which it says will not be until the end of next year at the earliest, Uniper will remain a German subsidiary with its own profit and loss account.