Report: Finland’s Fortum Looking to Sell Russian Assets by July 1
2022.06.14 17:18
By Scott Kanowsky
Investing.com — Fortum Oyj (HE:FORTUM) is looking to sell its Russian assets by July 1 in response to the war in Ukraine, according to a report in the daily newspaper Kommersant, citing sources familiar with the situation.
The Finnish utility will be collecting binding offers for a potential sale until June 21, the paper said. The sources told Kommersant that several Russian groups are among the possible suitors, including lender Gazprombank, state utility Inter RAO, and coal producer SUEK.
Fortum’s Russian operations include seven thermal power plants. Five other sites in the country are also owned by Germany’s Uniper (ETR:UN01) – in which Fortum has a 78% stake – via its subsidiary, Unipro.
Helsinki-based shares in Fortum rose on Tuesday, following Kommersant’s report.
In a statement to Reuters, Fortum reiterated its aim to pursue a “controlled exit” from Russia, particularly through divestment of its businesses in the country. Fortum first announced this plan in May after Finland, a majority shareholder in the company, sent in an application for Nato membership – drawing strong condemnation from the Kremlin.
