Fortum proceeds with determination

Fortum has sold all the shares of Fortum Energie GmbH to E.ON Energie AG in Germany for a consideration of EUR 545 million. Fortum’s capital gain from this transaction is some EUR 120 million.

 

The transaction includes all the electricity sale and supply activities of Fortum Energie, and all the businesses of the regional electricity distributor Elektrizitätswerk Wesertal GmbH. E.ON Energie AG will not assume control over Fortum Kraftwerk Burghausen GmbH, a company specialising in electricity and heat generation. The sales process initiated by Fortum will be continued with regard to this company with other interested buyers.

 

The sale of Fortum’s businesses in Germany is a logical consequence of the company’s Nordic strategy. 

 

–We are very satisfied with our activities in Germany. Within a short time, we have increased the value of the electricity businesses, which we acquired in 1999. Today, the strategic value of these businesses is greater to someone else than to us”, says Mikael Lilius, Fortum’s President and CEO.

 

–Last November we said that we will dispose of EUR one billion worth of assets. The proceeds of divestitures announced since then will exceed EUR 1.1 billion. We will further continue to focus our business according to the strategy, adds Mr Lilius.

 

In 2001, Fortum Energie’s net sales amounted to about EUR 270 million, and the companies to be sold have more than 600 employees.

 

 

Fortum Corporation

 

Carola Teir-Lehtinen

Senior Vice President, Corporate Communications

 

 

Further information:

Tapio Kuula, President, Power & Heat Sector, tel. +358 10 45 24 112

Juha Laaksonen, CFO, tel. +358 10 45 24 519

 

Distribution:

Helsinki Exchanges

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