German energy group E.ON has decided to accept voluntary public takeover offer from Finnish state-controlled utility Fortum for its remaining stake in Uniper for €3.76bn ($4.5bn).
Uniper was established in 2016 after the separation of the fossil fuel business of E.ON into a new entity.
In September 2016, E.ON divested 53.35% stake in Uniper to shareholders through a spin-off to get the new entity listed on the Frankfurt stock exchange.
E.ON, upon signing the deal, will sell its stake in Uniper for €22 per share to Fortum.
E.ON CEO 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 Fortum’s offer, which excludes a minimum acceptance threshold, is subject to the usual conditions, including antitrust and other regulatory approvals.
As per the deal signed in September 2017, E.ON has the right to tender its remaining stake into Fortum’s offer in early 2018 and at a fixed price of €22 per share.
Fortum CEO Pekka Lundmark said: “We welcome E.ON’s decision to accept our offer, which we believe is a fair reflection of Uniper’s value and performance since its spinoff from E.ON.
“I am convinced that investment in Uniper will deliver an attractive return and support us in accelerating the transition to a clean and secure energy future.”
E.ON said that the board of management who hold Uniper shares privately will also tender, under the voluntary public takeover offer, all of their shares to Fortum.
In 2017, Uniper rejected a €8.05bn takeover offer from Fortum saying that the amount undervalues the company. The firm earlier made takeover offer at a price of €21.31 per share.
Image: Fortum headquarters in Finland. Photo: courtesy of Fortum.