ARBITRAL TRIBUNAL CONFIRMED FORTUM’S REDEMPTION RIGHT -APPLICATION TO BE SUBMITTED FOR THE REMOVAL OF NESTE SHARES FROM LISTING

The arbitral tribunal appointed at Fortum’s request to review the redemption right of, and the redemption price offered to, Neste’s minority shareholders declared in its session held on 21 August 1998 that Fortum Corporation’s redemption right is not in dispute and that Fortum is entitled to obtain title to Neste’s minority shares by placing an acceptable security on 28 August 1998 for the payment of the redemption price. The arbitral tribunal approved the security offered by Fortum.

 

By virtue of the Companies Act, Fortum shall acquire ownership of Neste’s minority shares upon placement of the security approved by the arbitral tribunal. Fortum will place the required security on 28 August 1998, whereupon its ownership of Neste will rise to one hundred per cent. According to information available on 21 August 1998, Fortum’s share of Neste was approximately 99.9 per cent. The Board of Directors of Neste has on 21 August 1998 decided to submit an application to the Helsinki Exchanges for the removal of Neste share from listing.

 

The arbitral award confirming the redemption price of Neste’s minority shares may already be issued within the first half of the month of September. Fortum has requested that the arbitral tribunal confirm the redemption price of FIM 168.10 per share. This is the same price as the one applied in the redemption offer carried out during the period of 30 April - 1 June 1998.

 

 

 

Neste Group                                                                 Fortum Corporation

 

Helena Haapalinna                                                      Antti Ruuskanen

Vice President, Communications Executive Vice President,              Communications

 

 

 

Further information from Fortum:

 

Harri Pynnä, Executive Vice President, Legal Affairs

+ 358 9 6185 8206

 

Antti Ruuskanen,     Executive Vice President, Communications

+ 358 9 6185 8207

 

Distribution:
Helsinki Exchanges

Media

 

 

The information contained herein is not for publication or distribution to persons in the United States of America.  The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended.  The materials do not constitute an offer of securities for sale in the United States; the securities may not be offered or sold in the United States absent registration or an exemption from registration; and any public offering of securities to be made in the United States will be by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and the management, as well as financial statements.