Germany’s EON inks sale of fossil fuels stake

AFP,FRANKFURT AM MAIN: Germany energy giant EON said it has agreed to sell its remaining stake in fossil fuels spinoff Uniper to Finland’s Fortum Oyi in early 2018.

Fortum will offer all Uniper shareholders 22 euros ($25.90) per share, valuing EON’s 46.65-percent holdings at 3.76 billion euros ($4.4 billion), the German group said in a statement late Tuesday.

The two groups had announced last week that they were seeking a deal.

Under the terms of the agreement, if EON decides not to sell its stake after all, it will buy up all the shares Fortum acquires during the offer and also pay compensation to the Finnish firm.

But EON has made clear that it wants to dispose of its remaining stock in Uniper—which owns all its traditional gas- and coal-fired power stations—early next year.

“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,” EON chief executive Johannes Teyssen said in the statement.

 

Germanys EON inks sale of fossil fuels stake

AFP,FRANKFURT AM MAIN: Germany energy giant EON said it has agreed to sell its remaining stake in fossil fuels spinoff Uniper to Finlands Fortum Oyi in early 2018. Fortum will offer all Uniper shareholders 22 euros ($25.90) per share, valuing EONs 46.65-percent holdings at 3.76 billion euros ($4.4 billion), the German group said in a statement late Tuesday. The two groups had announced last week that they were seeking a deal. Under the terms of the agreement, if EON decides not to sell its stake after all, it will buy up all the shares Fortum acquires during the offer and also pay compensation to the Finnish firm. But EON has made clear that it wants to dispose of its remaining stock in Uniperwhich owns all its traditional gas- and coal-fired power stationsearly next year. We welcome Fortums offer as an opportunity for Uniper shareholders to sell at a valuation level that reflects Unipers strong performance since its spin-off, EON chief executive Johannes Teyssen said in the statement.