E.On has confirmed it will sell its 46.65% stake in spin-off Uniper to Fortum for €22 per share. The voluntary takeover offer was made on 7 November.
When Uniper was spun off from E.On in 2016. 53.35 percent of Uniper stock was transferred to E.On shareholders. E.On’s proceeds on the sale will total €3.76 billion. E.On chief executive Johannes Teyssen said: “This transaction enables us to sell our entire Uniper stake at an attractive price for E.On. E.ON will now focus fully on its customers and core businesses in the new energy world. The course has been set for profitable growth.”
The offer is subject to the usual conditions, including antitrust and other regulatory approvals. Fortum expects to receive the necessary approvals by mid-2018.