ROUNDUP: Fortum sells Uniper stake to Germany – share increased significantly

BERLIN/DÜSSELDORF (dpa-AFX) – The federal government buys Uniper’s Finnish major shareholder Fortum its stake in the Düsseldorf-based energy supplier for a fraction of its original investment. The state is paying 480 million euros for Fortum’s shares, said Federal Minister of Economics Robert Habeck on Wednesday morning at a press conference in Berlin.

The Finnish group loses a large part of its investment. According to Habeck, this amounted to eight billion euros. Fortum boss Markus Rauramo put the volume of investments in Uniper shares in an analyst call at seven billion euros. In addition, the group has received around 900 million euros in dividends in recent years.

The federal government, Uniper and Fortum had previously agreed on a far-reaching nationalization notified by Uniper. A capital increase of EUR 8 billion is also planned. The federal government will then own around 98.5 percent of the shares in Uniper. Fortum currently holds almost 78 percent of Uniper. Fortum itself is almost 51 percent owned by the Finnish state.

Furthermore, the federal government wants to replace the credit line from Fortum. This consists of a shareholder loan of four billion euros and a so-called guarantee line of four billion euros. The funds needed for the nationalization should come from the state-owned KfW bank, said Habeck.

The solution that has now been found was very well received by Fortum investors on the stock exchange. The shares of the Finnish group increased by almost 20 percent at times. However, the paper could not maintain the level – most recently the plus had been around ten percent. The paper was thus able to reduce a small part of the losses of the past few months. Since the end of 2021, the market value of Fortum has fallen by around half to around twelve billion euros./lew/stk/zb/jha/

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