E.ON announced on Monday the sale of its 47 per cent stake in offshoot Uniper to Fortum.

The Finnish company takes control at €22 a share, significantly below the market value of Uniper’s shares, which closed at €25.85 on Monday.
E.ON had agreed to sell its stake to Fortum last September. The deal included a series of punitive conditions should the German group decide not to go through with the sale, and which effectively prevented E.ON from taking advantage of the recent rise in Uniper’s shares.

“This transaction enables us to sell our entire Uniper stake at an attractive price for E.ON,” Johannes Teyssen, the group’s chief executive, said in a statement. “E.ON will now focus fully on its customers and core businesses in the new energy world. The course has been set for profitable growth.”

Eon’s proceeds from the same will total about €3.76bn.