9/20/2017, 5:20 PM (Source: TeleTrader)
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Uniper: Fortum's bid not in line with strategy

Announcement by Fortum Corp. that it intends to buy a minority share in Uniper SE from E.ON SE and then take over the whole company was unsolicited and "clearly not in line with the strategy," said Klaus Schaefer, the chief executive of the German power generation and energy trading company.

The target firm said it never discussed with the Finnish utility or its former majority owner about their conditional transaction proposals. E.ON spun off Uniper last year and it has brought down its ownership to 46.65%. If Fortum buys the holding, it would need to buy out other shareholders, according to law. The federal election in Germany will be held on September 24.

Baha Breaking News (BBN) / IT