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...Germany’s and Finland’s energy companies Uniper and Fortum were hit, as well as France’s dairy giant Danone and Denmark’s beer maker Carlsberg....
...In April, Putin ordered the seizure of the subsidiaries of Germany’s Uniper and Finland’s Fortum....
...In April Russia took over the local subsidiaries of Finland’s Fortum and Germany’s Uniper in response to what it called “the illegal expropriation of Russian assets abroad”....
...Pursuing international arbitration — similar to what the Finnish utility company Fortum is doing — is a good option, while the alternative is to remain, risking a corporate grab by the Kremlin and complicity...
...Those include Fortum’s acquisition of a majority stake in Uniper in 2017 and Covestro’s 2017 share buyback, the 2018 asset swap between RWE and E....
...Russia accounted for more than 10 per cent of Fortum’s profit and headcount in 2021, while Fortum — one of the few foreign companies to participate in the privatisation of Russia’s energy sector in the early...
...Fortum said that it had no choice but to pursue legal action after several months of discussions with Vestas proved unsuccessful....
...The move marks the first time that Russia has seized the subsidiaries of western businesses since it took over Finland’s Fortum and Germany’s Uniper in April....
...Uniper, which was bailed out by the German state last year, booked €5.7bn in impairments, while Finland’s Fortum took a €5.3bn hit. Eleven carmakers took a combined €6.4bn in charges....
...Fortum, majority-owned by Finland, has agreed to a €2.35bn liquidity facility with a state-owned holding company at an annual interest cost of 14.2 per cent....
...In other words, the recent actions against Fortum and Uniper’s assets are simply a taste of things to come....
...Then in April, Putin ordered a seizure of the assets of two power companies, Germany’s Uniper and Finnish company Fortum, followed by a quietly signed order that allowed assets of western companies deemed...
...Germany will eventually pay off Fortum’s €4bn in loans to Uniper....
...The Kremlin has previously attributed its decision to seize the Russian power plant assets of Germany’s Uniper and Finland’s Fortum as a response to “unfriendly countries” seizing Russian assets abroad....
...Berlin will buy Fortum‘s 293mn shares in Uniper for €500mn, at a price of €1.7 per share. Fortum said the deal would allow it to focus on clean power as it divests from Russia....
...Fortum needs to make use of at least €350mn from the liquidity facility by the end of September otherwise it would end....
...Fearing that a collapse in the company would send shockwaves through the economy, the German government agreed to buy Uniper from the Finnish energy group Fortum in a bailout set to cost as much as €51bn...
...Fortum announced on Wednesday that it had concluded the sale of its Uniper stake to the German state....
...the right step to take, not only for Uniper but also for Fortum”....
...Fortum confirmed that negotiations over a sale of its shares to the German government were in “the final stages” and included the return to Fortum of the financing it had already provided to Uniper, previously...
...Fearing a collapse of the company would send shockwaves through the economy, the German government agreed to buy Uniper from Finnish energy group Fortum in a bailout set to cost as much as €51bn....
...Fortum’s advisers at Barclays and Perella Weinberg were able to glean profits off the deal, at least....
...The energy company said in a statement that talks with its major shareholder, the Finnish energy company Fortum, and the German government were continuing on a bailout for the company....
...The company, which has already received about €19bn in German government support, said on Wednesday that talks with its major shareholder, Finnish utility Fortum, and the German government were continuing...
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