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German E.ON tenders its Uniper shares to Fortums offer

January 09/ 08:12

Helsinki. Germany’s E.ON has announced the decision to tender its stake in the German energy company Uniper, which is connected with the Nord Stream 2 gas pipeline construction project, into Fortum's public takeover offer. The issue is about 170,720,340 shares, corresponding to 46.65% of shares and voting rights, Fortum’s press service said Monday.

Furthermore, E.ON said that the members of the E.ON management board "who have until now held Uniper shares privately will also tender all of their shares to Fortum under the voluntary public takeover offer," the report said.

E.ON’s stake in Uniper is worth 3.76 bln euro, while the cost of 100% of the company’s shares amounts to around 8.05 bln euro, reports TASS.

The acceptance period for Fortum's offer ends on 16 January 2018. The additional acceptance period will begin on 20 January 2018 and end on 2 February 2018 pursuant to the statutory provisions of the German Securities Acquisition and Takeover Act.

Fortum’s President and CEO Pekka Lundmark said late last year that the company is not involved in disputes over the Nord Stream 2 project (Uniper is one of the partners of its construction operator Nord Stream 2 AG), but will prop up investments in it provided that the pipeline’s construction is approved by the European Union.

The Nord Stream 2 pipeline is expected to come into service at the end of 2019. The pipeline is set to run from the Russian coast along the Baltic Sea bed to the German shore. Each of the pipeline’s two lines will have a capacity of 27.5 bln cubic meters. The new pipeline that is expected to connect the Russian resource base with European customers, will double the capacity of the first line and will basically follow its route. The cost of construction is estimated at 9.5 bln euros.


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