FORTUM’S SHARE OF OWNERSHIP IN LÄNSIVOIMA OVER TWO-THIRDS - PURCHASE PRICE EUR 45.41 PER SHARE

Fortum Corporation’s wholly-owned subsidiary, Fortum Power and Heat Oy, has today acquired 654,800 shares of Länsivoima Oyj from Kemijoki Oy, i.e. 10.02% of the share capital and voting rights of Länsivoima at the price of EUR 45.41 per share, i.e. for a total of nearly EUR 30 million. After the acquisition, Fortum Power and Heat Oy owns a total of 4,919,119 shares in Länsivoima. Fortum’s share in Länsivoima’s share capital and voting rights increases to a total of 75.30% from the earlier 65.27%.

 

Fortum’s share of ownership has increased to more than two-thirds of the voting rights of the Länsivoima shares, and therefore Fortum will within one month make a redemption offer pursuant to the Securities Markets Act on the rest of the Länsivoima shares and securities entitling to such shares pursuant to the Companies Act. In addition to the redemption offer based on cash, Fortum will look into the possibility of exchanging Länsivoima shares for Fortum Oyj shares. However, this requires a decision of the shareholders’ meeting pursuant to the Companies Act.

 

The largest owners of Länsivoima after Fortum are the city of Kurikka (9.5%), Varma-Sampo (5.3%), the municipality of Kauhajoki (1.7%), and Sampo Life Insurance Company Limited (1.6%). The largest owners of Kemijoki are Finnish State (67.0%), Fortum (16.9%), Lapin Sähkövoima (9.3%), and UPM-Kymmene (4.1%).

 

Fortum Corporation

 

 

Antti Ruuskanen

Corporate Executive Vice President, Communications

 

Further information:

Kalervo Nurmimäki, President, Fortum Power and Heat Oy,

tel. +358 10 453 6023

Tapio Kuula, Senior Executive Vice President, Fortum Power and Heat Oy, tel. +358 10 453 6025

 

DISTRIBUTION:

Helsinki Exchanges, key media, Länsivoima Oyj,

Financial Supervision