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6 February 2006 - E.ON Nordic AB and Fortum have signed an agreement according to which Fortum acquires all the 10 246 565 E.ON Finland Oyj shares currently held by E.ON Nordic. This corresponds to 65.56 per cent of the shares and the voting rights of the company. The purchase price is € 37.12 per share, i.e. approximately €380m ($455m) in total.
When the transaction is effected, Fortum and E.ON Nordic will terminate the arbitration court proceedings regarding the transfer of E.ON Finland's shares. In connection to the transaction, all related outstanding open issues between E.ON and Fortum have been settled. As a consequence, Fortum will pay E.ON a total compensation of €16m.
The transaction is subject to approval by the Finnish Competition Authority.
When the transaction is effected, the agreement signed between the City of Espoo and Fortum on 18 January 2006 regarding the 5 351 859 E.ON Finland shares held by the City of Espoo will also come into force. After Fortum has acquired the shares in E.ON Finland owned by both the City of Espoo and E.ON Nordic, it will own 15 598 424 shares in total. This corresponds to 99.8 per cent of the shares and the voting rights of E.ON Finland.
The turnover of the E.ON Finland Group over the last published twelve months (October - September 2005) was approximately €232m, EBITDA was roughly €72m and operating profit about €43m. The company employs some 350 persons and has approximately 175
000 customers.
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