Wednesday, May 19, 2021 | Shawwal 6, 1442 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

E.on CFO defends plan to sell Uniper stake to Fortum

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FRANKFURT: German utility E.on has good reason to try and sell its remaining stake in Uniper, the mainly fossil-fuels based power stations and trading business it spun off last year, to Finland’s Fortum, its Chief Financial Officer Marc Spieker said in an interview with Boersenzeitung.


News broke this week that talks for Fortum to pay 3.8 billion euros ($4.54 billion) for E.on’s 47 per cent shareholding are advanced but Uniper responded with dismay, saying the bid was not welcome as it could manage well on its own.


“The objective of splitting up our company right from the beginning was to create two separately functioning companies which can and must take their own decisions,” Spieker said.


“Fortum has spoken positively about Uniper and its management and declared its intention to be a strategic, constructive investor,” he added.


Analysts have said Uniper fears it could be broken up by Fortum, which focuses on carbon-free power.— Reuters


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