Finnish Government Says Fortum's Uniper Sale Limits Losses
21 September 2022 - 10:03AM
Dow Jones News
By Dominic Chopping
Finland's Minister of European Affairs and Ownership Steering
Tytti Tuppurainen said Wednesday that Fortum Oyj's deal to sell its
stake in Uniper SE to the German state allows the Finnish company
to limit the risk of losses while guaranteeing security of energy
supply in Germany.
Fortum on Wednesday agreed to sell its stake in Uniper to the
German state for around 500 million euros ($498.5 million) while
the EUR4 billion shareholder loan it provided will be repaid by the
German government. Fortum will also be released from a EUR4 billion
guarantee that it provided to the company.
Fortum is majority-owned by the Finnish state and Ms.
Tuppurainen said the company must protect its financial position in
a way that preserves the company's ability to perform its core
business.
"The goal of the state owner has been for Fortum to ensure the
repayment of the EUR4 billion shareholder loan and the release of
the EUR4 billion parent company guarantee, and due to the
negotiated solution the company's owners will not have to
recapitalize Fortum due to the Uniper crisis," she said.
Fortum held around 80% in Uniper at the time of a previous
bailout of Uniper in July, which diluted Fortum's stake to 56%.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 21, 2022 03:48 ET (07:48 GMT)
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