ARBITRAL TRIBUNAL DETERMINED NESTE’s REDEMPTION PRICE TO BE FIM 168.10 PER SHARE

The arbitral tribunal appointed at Fortum’s request to review the redemption right of, and the redemption price offered to, Neste’s minority shareholders determined the redemption price of  Neste’s shares to be FIM 168.10 per share in an Arbitral Award rendered on 8 September 1998.

 

The redemption price is the same price as the one applied in the redemption offer carried out in accordance with the Finnish Securities Markets Act and the Articles of Association of Neste during the period of 30 April - 1 June 1998. The redemption price shall be increased by an amount calculated at the rate of 4,5% as of 28 August 1998 until the decision concerning the redemption price has gained legal force. Fortum gained possession of all the shares in Neste on 28 August 1998, at which time it placed the security for the payment of the redemption price approved by the arbitral tribunal.


Fortum will pay the redemption price to Neste’s shareholders as soon as possible after the Arbitral Award has gained legal force. The Award will be sent to all parties in the arbitration. According to the Finnish Companies Act, a party dissatisfied with the redemption price may submit the matter to the consideration of a court of law within two months from receipt of the Arbitral Award.

 

Fortum Corporation

Antti Ruuskanen

Executive Vice President, Communications

        

DISTRIBUTION:

Helsinki Exchange

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