Fortum Corporation STOCK EXCHANGE RELEASE 17 January 2006
ESPOO CITY COUNCIL APPROVED SALE OF E.ON FINLAND SHARES
The Espoo City Council approved in its meeting on 16 January 2006 the agreement,
according to which Fortum acquires all the 5,351,859 E.ON Finland Oyj shares
currently held by the City of Espoo. This corresponds to 34.2 % of the shares
and the voting rights of the company. The purchase price is EUR 68 per share, i.e.
approximately EUR 364 million in total. The Espoo City Board and Fortum approved
the agreement on 20 December 2005.
The intention is to sign the agreement on 18 January 2006.
A prerequisite for the transaction to take effect is that the 10,246,565 E.ON
Finland Oyj shares currently held by E.ON Nordic have been transferred into the
ownership of Fortum. According to a contract made in 2002, Fortum has required
E.ON Nordic to sell and transfer those shares to Fortum in an arbitration
procedure. According to the now approved agreement, the City of Espoo is
committed to co-operate to reach this end result.
When Fortum has acquired the shares in E.ON Finland owned by both the City of
Espoo and by E.ON Nordic, it will own 99.8 % of E.ON Finland shares in total at
a total purchase price of approximately EUR 750 million. When the transactions
with the City of Espoo and with E.ON Nordic have been carried out, Fortum will make
the minority shareholders of E.ON Finland a mandatory redemption offer in
accordance with the Securities Markets Act.
SVP, Corporate Communications
For more information:
Senior Vice President Tapio Kuula +358 50 452 4112
CFO Juha Laaksonen +358 50 452 4519
SVP, Corporate Communications Carola Teir-Lehtinen +358 50 452 4118
Helsinki Stock Exchange