FRANKFURT (P3P) – The chief govt of German vitality producer Uniper (UN01.DE) has criticized Finnish suitor Fortum (FORTUM.HE) for a scarcity of readability about its intentions in a deliberate eight billion euro ($9.6 billion) takeover of the corporate.
Fortum has agreed to purchase 47 p.c of Uniper from Uniper’s mother or father E.ON (EONGn.DE) and supplied the identical value to the opposite shareholders, nevertheless it faces stress to lift its provide from hedge funds Elliott and Knight Vinke, who’ve constructed up stakes.
In the meantime, the Finnish utility is dragging its ft over job assure negotiations, Uniper Chief Govt Klaus Schaefer informed the Rheinische Publish newspaper in an interview printed on Saturday.
“Talks usually are not going as speedily as we want,” he stated. “Fortum continues to be failing to offer readability about its targets.”
Simply zero.17 p.c of excellent Uniper shares had been tendered to Fortum by Dec. 27, on the provide value of 22 euros per share. The shares closed at 26 euros on Dec. 29. The provide closes on Jan. 16.
Knight Vinke has 5 p.c of Uniper and has stated it won’t tender its stake. Elliott, which has not stated the way it will reply, has 7.four p.c.