EUROPEAN COMMISSION APPROVED BIRKA ENERGI TRANSACTION

The European Commission approved the Birka Energi transaction between Fortum and the City of Stockholm yesterday. The Stockholm City Council had earlier approved the transaction in its meeting on 17 December 2001. The decisions enable the finalisation of the transaction as planned during the first quarter of the year.

 

Fortum and the City of Stockholm signed an agreement in November 2001, according to which Fortum will acquire Stockholm's 50% share in Birka Energi AB for EUR 1.5 billion. The City of Stockholm will retain a share of Birka Energi's district heating operations, entitling to a 50% share in the financial result.

 

Fortum Corporation

Corporate Communications

 

Further information:

 

Fortum Corporation, sector head Tapio Kuula, tel. +358 10 45 24112

Fortum Corporation, senior vice president, corporate communications, Carola Teir-Lehtinen, tel. +358 50 45 24118