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Fortum will not raise offer for Uniper: CEO

Fortum will not raise offer for Uniper: CEO
November 7, 2017

HELSINKI (Reuters) - Fortum Chief Executive Pekka Lundmark said on Tuesday the Finnish utility had no plans to raise its 8 billion euro (7.05 billion pounds) offer for Germany’s Uniper.

Having agreed a deal in September to buy E.ON’s 46.65 percent stake in Uniper, Fortum on Tuesday officially launched a bid for all shares in Uniper as required by German takeover rules.

Fortum repeated that it was not looking to take over the utility completely.

“We believe that our offer represents a very attractive valuation for Uniper’s shares ... while we welcome all shares offered to us, we are focused on acquiring E.ON’s 46.65 percent shareholding,” Lundmark said in a statement.

“We have no plans whatsoever, nor do we see any reasons, to raise the offer price.”

Uniper has considered the bid as hostile, saying Fortum was eventually looking to split it due to strategic differences. Lundmark said Fortum had no such plans. The offer will run through Jan. 16.