Share transaction between Fortum and Norilsk Nickel has been cancelled
Fortum Corporation Stock exchange release 15 September 2006
Share transaction between Fortum and Norilsk Nickel has been cancelled Fortum and the Russian metals and mining company MMC Norilsk Nickel signed an agreement on 25 November 2005 according to which Fortum will acquire 24.83 percent of the shares of Kolenergo, a Russian power company operating in the Kola Peninsula. Norilsk Nickel has announced that it will call of the deal based on the conditions set by the Russian competition authority in August. Further negations over the terms of the transaction between Norilsk Nickel's parent company Interros and Fortum also ended without resolution. The transaction would have strengthened Fortum's position in Territorial Generation Company, TGC-1, that will be formed through the merging of the generation assets of Kolenergo, Lenenergo and Karelenergo. Now Fortum's ownership in TGC-1 will be slightly over 18 percent. Today, Fortum and RAO UES have agreed on further co-operation in investigating Fortum's strategic opportunities in Russia. Fortum Corporation Carola Teir-Lehtinen Senior Vice President, Corporate Communications Distribution: Helsinki Stock Exchange Key media