Uniper Says Fortum Takeover Bid 'Unwelcome'

German energy supplier Uniper has said it has not invited Finnish energy group Fortum to make a takeover offer for the company, describing the offer as not in line with Uniper's strategy.

Fortum said its offer of €22 per Uniper share to Germany's E.ON would value the 46.65% stake solicited at €3.76bn, and 100% of Uniper at €8.05bn.

Fortum said earlier on September 20 it is in advanced discussions with E.ON concerning E.ON's 46.65% stake in Uniper: "In relation to these advanced discussions, certain questions are currently being clarified with the authorities by E.ON. Any agreement between the parties will be subject to the required internal approvals of both parties. It is not certain that the discussions will result in an agreement."

Fortum however signaled readiness to make a voluntary public offer to acquire remaining shares in Uniper, if a deal with E.On were concluded. 

“The offer would be an attractive opportunity for Uniper shareholders to capture the full value of their investment,” said Fortum CEO Pekka Lundmark: "Uniper shareholders could lock in the significant share price gains related to a significant degree to the prolonged takeover
speculation in recent months." 

Uniper CEO Klaus Schafer said later that day “this unsolicited takeover offer is clearly not in line with the strategy of Uniper as recently reiterated publicly.” A Uniper company statement added that it is currently not in discussions with either of Fortum or E.ON in regard to the unsolicited and conditional transaction proposals described in their respective statements. If and when appropriate, the supervisory and management Boards of Uniper will evaluate any forthcoming specific proposal in detail and in the interest of the company and all its stakeholders.

Schafer a week ago cited the doubling in Uniper's stock value during its first year independent of E.ON but did not ascribe it to any takeover discussions.

Mark Smedley