E.ON SE (EOAN.XE) said Monday that it has accepted a 22 euros ($26.46) a share offer from Finnish energy company Fortum Oyj (FORTUM.HE) for its stake in Uniper SE (UN01.XE).
The German utility, which holds a 47% stake in Uniper, said it will receive about EUR3.76 billion from the deal.
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Uniper's management and supervisory boards had previously recommended that its shareholders reject Fortum's takeover bid, on the grounds that it didn't reflect the company's true value or propose any strategic benefit.
Uniper was formed when E.ON spun off its conventional energy operations. E.ON subsequently agreed to sell its stake to Fortum, in a deal which included a break-up fee of up to EUR1.5 billion if it eventually decided not to tender the shares.
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(END) Dow Jones Newswires
January 08, 2018 10:53 ET (15:53 GMT)