Fortum and E.ON announced a swap of assets at a total value of EUR 800 million on January 31, 2003. The transaction concerning the Norwegian Fredrikstad Energi AS was completed on December 1, 2003. All other transactions relating to the asset swap have been completed earlier this year.
In the transaction, Fortum acquired 49% of the shares of Fredrikstad Energi AS as well as 35% of the shares of Fredrikstad EnergiNett AS and Fredrikstad Fjernvarme AS. This group has about 80 000 electricity distribution customers and some 400 employees. The municipality of Fredrikstad has a put option till the end of this year regarding the remaining shares in Fredrikstad Energi AS.