Diarmaid Williams, Decentralized Energy
Summary
Finland’s Fortum is to use finance originally intended for a majority buy-out of Germany’s Uniper, to instead invest in district heating opportunities across Europe and Russia
The company recently failed in its bid to win majority control of Uniper, receiving only a 47-per cent stake after bidding $9.8bn for a 100-per cent stake. The offer is still subject to competition and regulatory approvals. Fortum expects to finalize the transaction in mid-2018.
While this process is ongoing, Fortum seeks to acquire new assets, according to chief executive Pekka Lundmark.
“We are looking at different (acquisition) opportunities,” he said, when asked how Fortum will use the funds that weren’t utilized in its Uniper bid.
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