Fortum tightens grip on Uniper in leadership shakeout

  • 3/29/2021
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DUESSELDORF (Reuters) - Finland’s Fortum on Monday moved closer to full control over Uniper after the German utility’s CEO and finance chief both stepped down with immediate effect after less than three years in the job. Uniper Chief Executive Andreas Schierenbeck, who joined the firm in 2019, will be replaced by Supervisory Board Chairman Klaus-Dieter Maubach, Uniper said, confirming what sources told Reuters earlier. Fortum, Finland’s largest utility, has for years tried to take over Uniper but ran into fierce resistance from the German group over concerns it might be broken up. Fortum currently owns about 75% of Uniper. Both groups seemed to come closer in December, outlining synergies and areas of cooperation, but Fortum on Monday signalled things were not moving fast enough and that more benefits could be realised faster through deeper integration. “While we have been making some progress with Uniper, I believe we can and need to do more to deliver both the agreed and additional cooperation benefits and to create value for both companies and the whole Group,” Fortum boss Markus Rauramo said. “As such, we will now start taking concrete steps towards working in a much more integrated manner in our operations.” Rauramo will succeed Maubach as Uniper’s supervisory board chairman while Uniper’s Chief Financial Officer Sascha Bibert will be replaced by Fortum executive Tiina Tuomela. Spun off from E.ON in 2016, Uniper quickly caught the attention of Fortum, which was described as a “wolf in sheep’s clothing” by former Uniper boss Klaus Schaefer, who passed away last year. Fortum said there was no change to its pledge of avoiding a domination agreement or squeeze out with regard to Uniper until the end of 2021, adding no decision had been taken for the time thereafter. “We will ... not only continue but accelerate Uniper’s transformation,” Maubach said.

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