Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Fortum    FORTUM   FI0009007132

FORTUM

(FORTUM)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Uniper chairman calls for signal from Fortum to resolve dispute

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/26/2019 | 04:26pm EDT
FILE PHOTO: A general view of the Fortum headquarters in Espoo

FRANKFURT (Reuters) - Uniper's chairman on Sunday said talks with major shareholder Fortum to resolve a dispute between the two companies were on hold after two of the German utility's board members resigned.

Fortum and Uniper have been at loggerheads since the Finnish state-owned utility tried to take over the German group in 2017, a deal that Uniper's management opposed due to concerns it might get broken up.

Fortum, which has a 49.99% stake in Uniper, has claimed that Uniper's board actively tried to block its planned takeover, which Uniper denies.

The resignation of Uniper's Chief Operating Officer Eckhardt Ruemmler and Chief Commercial Officer Keith Martin came in response to Fortum's move last week to postpone a shareholder vote to endorse Uniper's management for the past two years.

"We must and want to work with our major shareholder in a trusting relationship. This trust has lost its foundation. Talks had been on a good path. In my view a major chance has been blown," Uniper Supervisory Board Chairman Bernhard Reutersberg told Reuters.

He said that talks with Fortum were on hold for now.

"I expect a clear signal from Fortum on how they think talks can be continued in light of the current developments."

Uniper said Ruemmler and Martin -- which had led cooperation talks with Fortum since February -- had asked the group's chairman to terminate their contracts at the end of Nov. 30, 2019.

Russian regulators have barred Fortum from increasing its stake in Uniper because of a water-testing license owned by the German firm's Russian business Unipro. Uniper has so far held on to the license, effectively blocking a takeover.

Reutersberg said that external and internal experts had found no evidence that Uniper management violated any laws in its dealings in Russia, adding there were no findings that support Fortum's claims.

Fortum Chief Executive Pekka Lundmark said in a statement delaying the discharge vote on Uniper's management had been a result of the lack of transparency on management conduct during and after the takeover bid, not a sign of mistrust in management as a whole.

He said it was now Fortum's goal to establish a dialogue with Uniper's incoming Chief Executive Andreas Schierenbeck and Chief Financial Officer Sascha Bibert, which will both start their jobs on June 1.

"We are confident that together we can make a joint vision reality," Lundmark said.

(Reporting by Christoph Steitz. Editing by Jane Merriman)

By Christoph Steitz

Stocks treated in this article : Fortum, Yunipro PAO, Uniper SE
Stocks mentioned in the article
ChangeLast1st jan.
FORTUM -0.10% 19.145 Delayed Quote.0.24%
UNIPER SE 0.23% 26.29 Delayed Quote.16.33%
YUNIPRO PAO End-of-day quote.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on FORTUM
06/12FORTUM : Solar offers increasingly lower capex in Russias renewables auction
AQ
06/04FORTUM : and Skellefte Kraft Restructure Stakes in 2 Swedish Wind Farms
AQ
05/30FORTUM : and Nordkraft form JV for Norwegian wind power development
AQ
05/29FORTUM : and Skellefteå Kraft to restructure ownership in the Solberg and Blaike..
AQ
05/28FORTUM : and Nordkraft JV to Target Norwegian Wind Power Development
AQ
05/28FORTUM : appoints Anton Steen to lead Public Affairs in Sweden
AQ
05/27FORTUM : New heat pump unit for Fortum at Suomenoja the share of carbon-neutral ..
AQ
05/27UNIPER SE : - Further resignations from the Uniper Management Board
AQ
05/27FORTUM : New heat pump unit for Fortum at Suomenoja - the share of carbon-neutra..
AQ
05/27FORTUM : and Nordkraft form joint venture for Norwegian wind power development
AQ
More news
Financials (€)
Sales 2019 5 487 M
EBIT 2019 1 125 M
Net income 2019 1 099 M
Debt 2019 5 383 M
Yield 2019 5,67%
P/E ratio 2019 15,42
P/E ratio 2020 13,33
EV / Sales 2019 4,12x
EV / Sales 2020 3,96x
Capitalization 17 246 M
Chart FORTUM
Duration : Period :
Fortum Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FORTUM
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 20,8 €
Spread / Average Target 7,1%
EPS Revisions
Managers
NameTitle
Pekka Ilmari Lundmark President & Chief Executive Officer
Matti Juhani Lievonen Chairman
Markus Heikki Erdem Rauramo Chief Financial Officer
Kim Juhani Ignatius Director
Eva Gerd Alice Hamilton Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
FORTUM0.24%19 236
NEXTERA ENERGY INC19.07%95 586
ENEL20.34%64 224
DUKE ENERGY CORP1.82%62 627
IBERDROLA27.64%61 823
DOMINION ENERGY INC.7.28%60 948