Takeover: Fortum and Uniper shares up: Fortum at Uniper’s target – hedge fund shares taken over message

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He took over the majority of the Uniper shares owned by the hedge funds Elliott and Knight Vinke, as Fortum announced on Thursday in Espoo. The Finnish utility now holds 69.6 percent of the German power plant operator. The final tranche – a minimum of 1 percent and a maximum of 3.8 percent of the shares – is expected to be completed within two months.Fortum had agreed at the beginning of October last year with the two financial investors to buy their 20.5 percent stake in Uniper. In early March, the Russian authorities had given the deal a green light. This was the final hurdle in the transaction. Fortum Elliott and Knight Vinke will pay a total of up to 2.6 billion euros for their shares. This increases the total investment in Uniper to 6.5 billion euros.

Fortum shares on Thursday afternoon at Nasdaq Nordic temporarily rose by 3.61 percent to EUR 13.63. Meanwhile, the Uniper share is up 2.50 percent to EUR 24.20.

/ nas / he

ESPOO / DSSELDORF (dpa-AFX)

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Image sources: PATRIK STOLLARZ / AFP / Getty Images



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