FRANKFURT, Oct 10 (Reuters) - Germany’s Uniper on Thursday said its suitor, Finnish utility Fortum, has yet to address a range of questions about its intentions in ongoing takeover talks to get management support for any deal.
“These open points include, among others, the substantiation of commitments towards Uniper’s employees, the future business operations, Uniper’s strategy and financial stability, including maintaining its solid credit rating, outstanding regulatory clearances in Russia, as well as envisaged changes in the composition of Uniper’s supervisory board,” Uniper said in a statement.
Fortum is set to gain control of Uniper by acquiring the shares of activist funds Elliott and Knight Vinke, looking to add a stake of at least 20.5% to the 49.99% it already controls.
But Fortum needs Uniper’s management to help remove a possible deal breaker. Russian regulators have so far capped Fortum’s ownership in Uniper at 49.99% due to a strategic water license operated by the German firm’s local subsidiary Unipro . (Reporting by Ludwig Burger Editing by Arno Schuetze)