October 21, 2019 / 1:06 PM / 23 days ago

Russia may approve Fortum's acquisition of Uniper stake within half a year

MOSCOW (Reuters) - Russia may approve a deal allowing Finnish utility company Fortum (FORTUM.HE) to increase its stake in Germany’s Uniper (UN01.DE) within half a year, Russian Economy Minister Maxim Oreshkin said on Monday.

In October, state-controlled Fortum agreed to buy a stake of more than 20.5% in Uniper, bringing its total holding to more than 70.5%.

The deal, however, is subject to approval in Russia, where regulators have so far capped Fortum’s ownership of Uniper at 49.99% due to a water license operated by the German firm’s local subsidiary Unipro (UPRO.MM).

Reporting by Anastasia Lyrchikova; writing by Tom Balmforth; editing by Polina Devitt

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