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    German Utility Uniper Reacts to Fortum Offer

Summary

Uniper is seeking clarification of some key points of the proposal.

by: William Powell

Posted in:

Natural Gas & LNG News, Europe, Liquified Natural Gas (LNG), Premium, Corporate, Mergers & Acquisitions, News By Country, Finland, Germany

German Utility Uniper Reacts to Fortum Offer

German utility Uniper has asked Finnish Fortum to expand on some aspects of its plans for the company, if it succeeds in buying a further 20.5%. Fortum already owns 49.99% of the German firm and has accused it of blocking its purchase of a controlling stake. Uniper's top brass has either left or given notice to quit, since Fortum made its first unwelcome move.

The areas include "Fortum's commitments towards Uniper`s employees; the future business operations; Uniper`s strategy and financial stability, including maintaining its solid credit rating; outstanding regulatory clearances in Russia; and envisaged changes in the composition of Uniper's supervisory board," it said October 10.

Uniper will continue to comprehensively assess Fortum´s intentions in the best interest of the company and all of its stakeholders, and is aiming to clarify these uncertainties during the ongoing discussions with Fortum, it said.

Uniper will stay the same key contributor to securing energy supply in Europe while moving towards a low-carbon energy future. Its trading activities create links across international commodity markets. Uniper supports the development of energy markets outside Europe with its own generation activities – mainly in Russia – and services for third parties.