Fortum Corporation STOCK EXCHANGE RELEASE 25.1.2005
FORTUM REASSERTS ITS CALL OPTION OVER E.ON FINLAND SHARES
Fortum Oyj has received a reply from E.ON Nordic regarding its call option to
shares in E.ON Finland owned by E.ON Nordic. Referring to its 2001 shareholders´
agreement with the City of Espoo, E.ON states that it is not in a position to
sell its shares in E.ON Finland.
According to Fortum, E.ON´s refusal is unfounded. As a result, Fortum will
commence the necessary legal proceedings to secure its rights.
In its reply, however, E.ON Nordic has stated that it will have to evaluate the
situation differently if the City of Espoo accepts Fortum´s offer for the shares
in E.ON Finland owned by the City. Moreover, the 2003 shareholders´ agreement
between E.ON Nordic and the City of Espoo states that E.ON can sell its shares
the City accepts the transaction.
Fortum has made a 257 million euro offer to acquire the shares of E.ON Finland
owned by the City. This offer is still valid.
Senior Vice President, Corporate Communications
Carola Teir-Lehtinen, Senior Vice President, Communications, tel. +358 10 452
Helsinki Stock Exchange