The Finnish company Fortum and the German company E.ON have inked a deal under which E.ON has the right to decide to tender its 46.65% shareholding in its subsidiary Uniper SE into the public takeover offer planned for early 2018, and for the same consideration as offered to all other shareholders. As previously announced earlier in September 2017, Fortum plans to kick off a €8bn voluntary public takeover offer to all Uniper shareholders with a total value of €22/share.
If E.ON exercises its right to tender, the total value received by E.ON for its Uniper stake would amount roughly €3.76bn. Besides, the agreement further provides that, if E.ON does not auction its Uniper stake, Fortum will have the right to sell to E.ON any Uniper shares acquired in connection with the initial offer and in addition receive a compensation payment from E.ON equal to at least 20% of the total equity value of E.ON's stake in Uniper.
The offer will be subject to competition and regulatory approvals and E.ON expects the potential transaction to be closed by mid-2018.
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