Russia Clears Fortum Raising Stake in Uniper

Finnish energy group Fortum’s acquisition of a stake in German counterpart Uniper has been approved by Russian authorities, the company announced on November 14.

Fortum reached deals in early October to buy more than 20.5% of Uniper from funds managed by Elliott Management and Knight Vinke, a move that would bolster its ownership of the company to over 70.5%. It aims to close the transactions in the first quarter of next year, subject to regulatory approvals.

Russia’s government commission for monitoring foreign investment has now cleared the deal, subject to conditions, Fortum said in a statement. Russian regulators previously blocked Fortum from raising its stake in Uniper above 49.99% because of a strategic water licence held by the German group’s local subsidiary Unipro.

Fortum noted it had not yet received an official notification of the approval from Russia’s Federal Antimonopoly Service (FAS).

“To Fortum’s understanding the details of the decision and the relevant conditions will be clarified by the FAS within approximately 10 days, after which Fortum is in a position to give further details,” the company explained.

The acquisition is also subject to customary merger control clearances in Russia and the US, it added.