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Fortum Oyj (FOJCF.PK)

FOJCF.PK on OTC Markets Group

19.44USD
18 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Finland's Fortum concludes divestment of Poland's DUON Dystrybucja
Friday, 28 Jul 2017 07:21am EDT 

July 28 (Reuters) - FORTUM OYJ :CONCLUDES THE DIVESTMENT OF POLISH GAS INFRASTRUCTURE COMPANY DUON DYSTRYBUCJA S.A..ANNOUNCED ON MAY 26 THAT IT WOULD SELL ITS SHAREHOLDING TO INFRACAPITAL, THE INFRASTRUCTURE INVESTMENT ARM OF M&G INVESTMENTS .THE PARTIES HAVE AGREED NOT TO DISCLOSE THE SALES PRICE. .THE SALE IS EXPECTED TO HAVE A MINOR POSITIVE IMPACT ON FORTUM'S RESULTS.  Full Article

Fortum shares fall as Q2 profit lags forecast
Thursday, 20 Jul 2017 03:05am EDT 

July 20 (Reuters) - Fortum Oyj :Shares fall 3.5 percent by 0705 GMT.  Full Article

Utility Fortum Q2 profit lags forecast
Thursday, 20 Jul 2017 02:00am EDT 

July 20 (Reuters) - Fortum :Q2 comparable EBIT 109 million euros versus 136 million in Reuters poll nL5N1K940J.Says the quarter was characterised by colder weather and stable water reservoirs.Generation segment's nordic generation hedges: approximately 45 percent hedged at 30 euros per MWH for rest of 2017 and approximately 45 percent hedged at 28 euros per MWH for 2018.  Full Article

Fortum wins tax case in Sweden
Monday, 3 Jul 2017 02:00am EDT 

July 3 (Reuters) - :Says administrative court in Stockholm, Sweden, has on June 30, 2017, given its decisions related to Fortum Sverige AB’s hydro production related real estate tax assessments for the years 2009–2014.Says court decisions were in Fortum’s favour, the tax authority may appeal the decision.Says will book tax income of 53 million euros ($60.48 million) only after legal decision has entered into force.  Full Article

Fortum books 123 mln euro tax cost in Q2 aftter Swedish court ruling
Friday, 30 Jun 2017 10:00am EDT 

June 30 (Reuters) - :Says Court of Appeal in Stockholm, Sweden, has ruled against Fortum related to Fortum's income tax assessments in Sweden for years 2009-2012.Says due to decision of court of appeal Fortum will book a tax cost of 123 million euros ($140.44 million) in the second quarter 2017 results.Says booking will not have any cash flow effect for Fortum, as the additional taxes and interest have already been paid in 2016.  Full Article

Hafslund's board says minority shareholders should reject offer
Tuesday, 20 Jun 2017 01:00am EDT 

June 20 (Reuters) - Hafslund Asa's board said in a statement::The board of directors recommends not to accept the announced offer from the city of Oslo.Estimated value in independent valuation from sparebank 1 markets is significantly higher than offer price of nok 96.75 per share.Sparebank 1 markets has concluded that company's underlying value per share is nok 139 based on today's expected transaction values, and nok 168 based on discounted expected future cash flows.As the City of Oslo and Fortum jointly own more than 90% of the voting shares in Hafslund, following completion of the offer, the offeror would be able to proceed to a compulsory acquisition of the other shareholders, regardless of the level of acceptance of the offer among the other shareholders. As a result, minority shareholders have no realistic possibility of remaining shareholders in company.Shareholders will have choice between accepting offer price or get compensation for shares determined by judicial valuation.Board of directors' opinion is that possibility of obtaining a higher price per share through a judicial valuation clearly outweighs for risk attached to outcome of a legal process.It will be in shareholders' financial interest not to accept offer, but instead let price be determined by a judicial valuation.  Full Article

Fortum-Rusnano wind power fund awarded capacity in Russian auction
Thursday, 15 Jun 2017 02:09am EDT 

June 15 (Reuters) - Fortum::says 1,000 MW of the bids of the Fortum-RUSNANO wind investment fund were selected in the Russian wind auction.Fortum's stake in the wind investment fund is 50 percent..says bids are for projects to be commissioned during the years 2018-2022 with a price corresponding to approximately EUR 115-135 per MWh.says projects will be covered by Capacity Supply Agreements (CSA) for a period of 15 years .says investments decisions will be made on a case-by-case basis within the total mandate of the wind investment fund.Fortum's equity stake in the wind investment fund totals a maximum of RUB 15 billion, currently approximately EUR 240 million .  Full Article

Fortum says Oslo city council approves Hafslund ownership restructuring
Thursday, 15 Jun 2017 02:00am EDT 

June 15 (Reuters) - Fortum Oyj :Says Oslo city council approves Hafslund ownership restructuring between Fortum and the city of Oslo.Says transactions are still subject to one regulatory approval in Norway.Says closing of the transactions is expected during the third quarter of 2017.  Full Article

Fortum-Rusnano JV to build wind farms in Russia
Wednesday, 14 Jun 2017 10:47am EDT 

June 14 (Reuters) - Fortum ::A joint venture of Finland's Fortum and Russia's Rusnano has won the rights to build wind farms in Russia with a capacity of 1 gigawatt, tender results showed on Wednesday..  Full Article

Fortum acquires generator businesses in Sweden
Tuesday, 16 May 2017 02:34am EDT 

May 16 (Reuters) - Fortum Oyj :Says will acquire the Swedish VG Power Turbo AB's and VG Power Tools AB's generator businesses.Says value of acquisition will not be disclosed by parties.  Full Article

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E.ON CFO defends plan to sell Uniper stake to Fortum: BoeZ

FRANKFURT German utility E.ON has good reason to try and sell its remaining stake in Uniper, the mainly fossil-fuels based power stations and trading business it spun off last year, to Finland's Fortum , its chief financial officer Marc Spieker said in an interview with Boersenzeitung (BoeZ).