The Finnish power company Fortum has received an unconditional merger approval from the European Commission (EC) regarding its acquisition of a 46.65% stake in the German energy company Uniper (a subsidiary of E.ON). Besides, the company also received a merger clearance decision from the Russian Federal Antimonopoly Service (FAS) for the acquisition of up to 50% shares and voting rights in Uniper. The last regulatory hurdles have been removed and Fortum will now proceed with the closing of the transaction by the end of June 2018.
Fortum became the majority shareholder of Uniper in February 2018 with a 47.12% stake, acquiring a 0.47% interest tendered on top of the 46.65% stake that it negotiated previously with E.ON. Fortum could later buy additional shares on the open market and reach the 50% threshold at some point in the future.
The 46.65% stake was sold separately in January 2018 for €3.76bn at a fixed price of €22 per share as agreed between the two companies in September 2017. Fortum may buy additional shares on the open market in the coming months and would only be required to announce passing some thresholds (such as the 50% threshold).
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