E.on gives final approval for potential Northern European energy giant

German energy major E.on has now officially accepted a sale of its shares in Uniper to Finland's Fortum. This move could potentially give rise to a new, Nordic energy giant.

It seems that Finnish Fortum will succeed after a long period of attempting to acquire Germany's Uniper. The majority owner of Uniper thus far, E.on, has now officially approved a sale of its 46.65 percent shareholding in Uniper. The transaction would be at a share price of EUR 22 per share, which triggers total proceeds of EUR 3.76 billion for E.on.

Fortum originally presented its bid to buy Uniper to the company's shareholders last fall. The EUR 22 price tag, which E.on has now accepted, is significantly below the current market share price for Uniper stock. This Monday, the company's shares were traded at a price of EUR 25.85. Yet Fortum's offer does not contain any minimum stake, and E.on is thus guaranteed its proceeds, regardless of whether Fortum manages to achieve majority shareholder status in Uniper or not.

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