Germany will purchase state-owned Finnish utility Fortum’s stake in Uniper for about 500 million euros. Fortum will also be repaid a 4 billion loan to Uniper.
Fortum CEO Markus Rauramo said in a statement: “The role of gas in Europe has fundamentally changed since Russia attacked Ukraine, and so has the outlook for a gas-heavy portfolio. As a result, the business case for an integrated group is no longer viable.”
Uniper stock was down 36% to 2.73 euros in Frankfurt, and Fortum stock was up 9.2% to 13.21 euros in Helsinki, at 7 a.m. ET.
