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Russia conditionnaly approves Fortum's majority ownership in Uniper

The anti-monopoly service (FAS) of Russia has approved the proposed acquisition by Fortum of an additional stake in Uniper, subject to certain conditions. In October 2019, Fortum agreed to acquire a 20.5% stake in Uniper from funds managed by Elliott Management Corporation and Knight Vinke, at a price of €29.93/share, corresponding to a total of around €2.3bn. Fortum, which already held 50% in Uniper, will increase its ownership to more than 70.5%, representing a total investment of €6.2bn in the German company. However, Russian regulators had capped Fortum's stake in Uniper at 49.99% due to a strategic water license operated by Uniper's local subsidiary in Russia, Unipro. Fortum is considering divesting Unipro's operations to facilitate the acquisition. The Finnish group expects to be able to close the transaction by the end the first quarter 2020, pending customary merger control clearances in Russia and the United States.