The completion of Fortum’s takeover bid for the German fossil-fuel energy company Uniper gives the Finnish company a 47.35 percent stake in the firm, along with 47.12 percent of voting rights.
In a release issued Tuesday, Fortum said that it had paid a total of 3.7 billion euros in a cash deal for all of the shares up for sale.
The transaction followed a green light from the European Commission and Russia’s anti-monopoly authority. The company said that it has clearance to purchase up to 50 percent of Uniper in accordance with a limitation set by Russian regulators, and indicated that it may follow through to further secure its voting position in future Uniper annual general meetings.
Uniper has a subsidiary in Russia, Unipro, whose core business is electricity production from gas and coal.
Fortum said that as of 30 June, it will consolidate Uniper as an associated company.