Fortum to launch Public Takeover Offer for Uniper

Fortum has announced its intention to launch a voluntary Public Takeover Offer, comprising a cash offer to all Uniper shareholders with a total value of €22 per share.

Furthermore, Fortum Corporation and E.ON SE have signed an agreement under which E.ON has the right to decide to tender its Uniper stake into the Offer in early 2018 at the same total value per share offered to all shareholders. Should E.ON exercise its right to tender, the total value received by E.ON for its Uniper stake would be expected to be €3.76 billion.

The agreement further provides that, if E.ON does not tender its Uniper stake, Fortum will have the right to sell to E.ON any Uniper shares acquired in connection with the Offer and in addition receive a compensation payment from E.ON.

The acceptance period for the Offer will commence following permission by BaFin (Federal Financial Supervisory Authority) and is expected to last for ten weeks. There will be no minimum acceptance condition to the Offer launched by Fortum. The Offer is subject to customary closing conditions. E.ON expects the potential transaction to close mid-2018.

E.ON CEO Johannes Teyssen commented

"We welcome Fortum’s Offer as an opportunity for Uniper shareholders to sell at a valuation level that reflects Uniper’s strong performance since its spin-off.”