|Bid||21.16 x 150000|
|Ask||21.36 x 150000|
|Day's Range||21.08 - 21.16|
|52 Week Range||18.15 - 22.85|
|Beta (3Y Monthly)||0.40|
|PE Ratio (TTM)||15.80|
|Forward Dividend & Yield||1.10 (5.23%)|
|1y Target Est||17.50|
Fortum, the state-controlled Finnish utility, wants to restart talks with the management of Germany's Uniper, in which it owns 49.9 percent after a hostile takeover, it said on Monday. "We are in contact with the Supervisory Board of Uniper with a view to resuming such discussions as soon as possible," Fortum said in a statement, adding that it is interested in the company as a whole. The utility responded to a letter from the head of Uniper's works council, seen by Reuters, in which labor representatives had demanded clarity about Fortum's intentions with Uniper amid concerns that Fortum may want to break up the company.
FRANKFURT/DUESSELDORF, Germany, June 12 (Reuters) - Some small shareholders in Uniper see room for a tie-up with top shareholder Fortum, joining activist calls to end a standoff after the Finnish group's acrimonious failed takeover attempt. Fortum has been barred by Russian regulators from expanding its 49.99% stake in Uniper which has also opposed a takeover, fearing that the Finnish state-owned firm could break it up and put its investment grade credit rating at risk. "Fortum's interest in Uniper does make sense for some parts, but not for the whole business," Winfried Mathes, analyst at Deka Investment, a top-20 shareholder of Uniper, said, adding that Russia and Sweden represented the best strategic fit.
Fortum's chief executive officer has met with Russian President Vladimir Putin to discuss a key ownership restriction that is preventing the Finnish firm from taking control of German utility Uniper , it said on Tuesday. Government-controlled Fortum has a 49.99% stake in Uniper, but is prevented from raising its holding as Russian authorities have said a licence owned by Uniper's Unipro must not be majority-owned by a foreign state-owned entity. Changing the regulation could pave the way for Fortum to take full control of Uniper and break a long-standing deadlock that has also frustrated activist funds Elliott and Knight Vinke, which together hold nearly 23% of the German firm.
Uniper's chairman on Sunday said talks with major shareholder Fortum to resolve a dispute between the two companies were on hold after two of the German utility's board members resigned. Fortum and Uniper have been at loggerheads since the Finnish state-owned utility tried to take over the German group in 2017, a deal that Uniper's management opposed due to concerns it might get broken up. Fortum, which has a 49.99% stake in Uniper, has claimed that Uniper's board actively tried to block its planned takeover, which Uniper denies.
Uniper's chief operating officer and chief commercial officer will step down by the end of November, the German utility said on Sunday only days after a long-standing conflict with top shareholder Fortum flared up again. Uniper said COO Eckhardt Ruemmler and CCO Keith Martin had asked the group's chairman to terminate their contracts at the end of Nov. 30, 2019. Fortum and Uniper have been at loggerheads since the Finnish state-owned utility tried to take over the German group in 2017, a deal that Uniper's management fiercely opposed due to concerns it might get broken up.
DUESSELDORF, Germany/FRANKFURT, May 22 (Reuters) - Uniper signalled on Wednesday little prospect of a rapid breakthrough in talks with top investor Fortum that might lead to a full takeover of the German utility. Fortum and Uniper have been at loggerheads since the Finnish state-owned utility tried to take over the German group in 2017, a deal that Uniper's management fiercely opposed due to concerns it might get broken up. Russian regulators have barred Fortum from owning more than the current 49.99% in Uniper because of a water-testing licence owned by the German firm's Russian unit Unipro.
DUESSELDORF, Germany/FRANKFURT, May 22 (Reuters) - German energy firm Uniper will not risk its investment grade in fresh talks over cooperation with top shareholder Fortum , Chief Financial Officer Christopher Delbrueck said on Wednesday. "For the Uniper Management Board, ensuring a stable investment-grade rating is the line in the sand for any type of cooperative arrangement," Delbrueck told shareholders at the group's annual general meeting. Finland's Fortum, which failed to take over all of Uniper and has no option to raise its 49.99% stake for regulatory reasons, has started fresh talks with its German peer, raising hopes it will at some point get a majority.
Fortum on Tuesday made progress in talks over cooperation with energy group Uniper , of which it owns 49.99%, shortly after activist funds stepped back from increasing pressure on the Finnish utility to seek full control. Uniper and Fortum have had a strained relationship ever since the Finnish state-owned company launched a takeover bid for the German group in 2017 which Uniper opposed. Now Fortum has struck a deal with activist shareholders Elliott and Knight Vinke to try to resolve a standoff that has paralysed Uniper and has prevented Fortum from acquiring the remaining stake, two people familiar with the matter said.
Activist fund Elliott, Uniper's No.2 shareholder, on Tuesday said it had decided to withdraw a motion that could have forced the German energy group to enter talks over a so-called domination agreement ...
Finland's Fortum, Uniper's top shareholder, will state its position on activist proposals - some of which could trigger a breakup of the German firm - once it has formed a view, a spokeswoman for the group said. Elliott and Knight Vinke, Uniper's second- and third-largest investors, have tabled motions at Uniper's annual shareholder meeting scheduled for Wednesday, which could pave the way for Fortum gaining full control.
Uniper has rejected a call from activist investor Knight Vinke to spin off its Russian arm to address regulatory concerns that have prevented Finland's Fortum from taking full control of the German utility. Knight Vinke, which holds a 5 percent stake in Uniper, has asked Uniper to table a motion at its May 22 annual shareholder meeting about spinning off Russian utility Unipro.
Having another hedge fund agitator in the form of Knight Vinke must be misery, especially when it’s making rival demands. Andreas Schierenbeck has decided to give it a go, however, with the former ThyssenKrupp AG executive taking on one of the least tempting vacancies in corporate Europe. The hedge funds are backseat driving, and putative buyer Fortum Oyj has a near 50 percent stake.
Finland's Fortum has freed up 310 million euros ($345 million) of cash previously used as collateral at Nasdaq's Nordic power exchange by replacing it with a bank bond, it said on Friday. The move, reflected in Fortum's first-quarter cash flow, aimed to boost available funds for operations and investments, investor relations manager Mans Holmberg told Reuters. The extra money helped lift Fortum's cash flow before financing activities, which rose to 918 million euros in the quarter from just 60 million euros a year ago, the company's earnings report showed.
Uniper should explore a deeper break-up to overcome antitrust hurdles that have prevented Finland's Fortum from taking full control of the German utility, activist investor Knight Vinke said on Monday. Knight Vinke wants Uniper's management to table a motion at the May 22 annual shareholder's meeting to prepare a spin-off of Unipro, a major Russian utility, according to a letter to Uniper's management board seen by Reuters on Monday. Finnish state-backed Fortum has since 2018 accumulated a 49.9 percent stake in Uniper, but Russian authorities have stopped it from gaining full control, arguing that a water-testing license owned by Unipro cannot be majority owned by a foreign state entity.
German utility Uniper has caved in to demands from activist investor Elliott to allow shareholders a vote instructing management to enter negotiations with its largest investor, Fortum. The company said in a statement on Friday that it has added a vote on a so-called domination agreement - a type of takeover structure used in Germany that allows bidders to tighten their control over a company without holding all the shares - to the agenda for its annual general meeting on May 22. Uniper is currently in talks with Fortum over how to cooperate in the future, an attempt aimed at repairing their strained relationship after Fortum made a hostile bid in 2017.
Shareholders of German utility Uniper are set to vote on a motion by activist investor Elliott to instruct management to prepare a domination agreement with top investor Fortum , Uniper said on Friday. ...
The project will use induction technology, with charging plates installed in areas where taxis park. All taxis in Oslo are set to be zero-emission from 2023. Taxis in the Norwegian capital, Oslo, are set to use wireless fast-charging technology to keep them running.
Norway's capital Oslo will become the first city in the world to install wireless charging systems for electric taxis, hoping to make recharging quick and efficient enough to speed the takeup of non-polluting cabs. The project will use induction technology, with charging plates installed in the road at taxi ranks linking to receivers installed in the vehicle, Finnish utility Fortum said on Thursday. From 2023 onward all taxis in Oslo will have to be zero emission and Norway wants all new cars to be zero emission by 2025.
Activist investor Elliott on Thursday called for a shareholder vote to push the management of German utility Uniper into talks with its top investor Fortum, hoping this will result in the Finnish group getting full control. Elliott, Uniper's No. 2 shareholder with 17.84 percent, wants investors to decide at the group's next annual shareholders' meeting on May 22 on whether Uniper should enter discussions with Fortum over a so-called domination agreement.
Jul.19 -- Pekka Lundmark, chief executive officer at Fortum, discusses second-quarter earnings, their discussions with Uniper, what they will have to offer Uniper’s union officials and his outlook for the business. He speaks on “Bloomberg Markets: European Open.”