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

FORTUM

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Uniper remains independent for now despite Fortum push - CEO

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10/11/2019 | 09:38am EST
FILE PHOTO: A logo of German energy utility company Uniper SE

DUESSELDORF, Germany (Reuters) - Uniper's CEO will fight to get clarity from top shareholder Fortum on a range of issues ahead of a planned stake hike, he said in an internal memo, underlining that the German utility will remain independent for now.

"We ... need to acknowledge that Fortum with its current or possible future share in Uniper is not only a major shareholder, but also a competitor," Andreas Schierenbeck told staff in the memo that was seen by Reuters.

"Overall, Uniper is an independent company and will continue to operate as such," the memo said.

Earlier this week, Fortum agreed to buy a stake of more than 20.5% in Uniper from activist funds Elliott [ECAL.UL] and Knight Vinke for 2.3 billion euros ($2.5 billion), which would bring its stake to more than 70.5%.

The deal, however, is subject to regulatory approval in Russia, where regulators have so far capped Fortum's ownership in Uniper at 49.99% due to a strategic water licence operated by the German firm's local subsidiary Unipro.

"My ultimate goal for the coming discussions therefore is to request further details around the plans from Fortum," Schierenbeck said. Uniper has been opposed to a full takeover by Fortum, fearing job cuts and a breakup.

A day earlier, Uniper, in an official response to Fortum's move, had urged the state-owned firm to provide answers about its commitments to employees, Uniper's strategy and financial stability, as well as the composition of its supervisory board.

(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Riham Alkousaa and Emelia Sithole-Matarise)

Stocks mentioned in the article
ChangeLast1st jan.
FORTUM 0.38% 21.35 Delayed Quote.11.36%
UNIPER SE -1.50% 28.15 Delayed Quote.24.56%
YUNIPRO PAO End-of-day quote.
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Financials (EUR)
Sales 2019 5 607 M
EBIT 2019 1 175 M
Net income 2019 1 349 M
Debt 2019 5 441 M
Yield 2019 5,15%
P/E ratio 2019 15,1x
P/E ratio 2020 14,5x
EV / Sales2019 4,35x
EV / Sales2020 4,41x
Capitalization 18 965 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 21,91  €
Last Close Price 21,35  €
Spread / Highest target 40,5%
Spread / Average Target 2,60%
Spread / Lowest Target -34,4%
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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
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