Terms and conditions of Fortum's mandatory offer to the minority shareholders of Russian TGC-10 published
Fortum Corporation
Stock exchange release
28 April 2008
15:10 EET
Terms and conditions of Fortum's mandatory offer to the minority shareholders of
Russian TGC-10 published
Fortum Corporation's fully-owned subsidiary, Fortum Russia B.V., has today
published the terms and conditions of a mandatory public tender offer for the
entire share capital of the Russian Territorial Generating Company No. 10
(TGC-10) to be made to TGC-10 minorities. As required by Russian law, the terms
and conditions can be viewed at Fortum's website www.fortum.com. The offer
acceptance period will last for 80 days starting from the date when Fortum
Russia B.V. files the mandatory public tender offer with TGC-10. Fortum has
already acquired a 76.49% share in TGC-10.
The tender offer covers 23.51% of the share capital of TGC-10 (206,581,233
shares) and will be launched at a price of 111.8 rubles (approximately 3 euros)
per share to be fully paid in cash. The acquisition will be financed with
long-term bank loans.
Founded in 2006 as part of the Russian power sector reform, TGC-10 is a
territorial generating company operating in the Urals and Western Siberia
regions. The total installed capacity of TGC-10 and its affiliates is 3,000 MW
of electricity and 15,800 MW of heat with annual production of 18 TWh of
electricity and 27 of TWh heat. The company has an extensive investment plan to
further increase its electricity production capacity with 2,300 MW by 2013.
Fortum Corporation
Maria Romantschuk
Senior Vice President, Communications
Further information:
Kari Kautinen, Vice President, M&A, Fortum Corporation, +358 50 453 2174
Distribution:
OMX Nordic Exchange Helsinki
Key media
www.fortum.com
