Finnish investors wait to see if Fortum will get back billions lent to German subsidiary

Several major institutional investors in Finland are waiting for a decision to be made about the future of a Finnish energy giant’s subsidiary in Germany. Finland’s OP is one of them, where fund manager Teemu Salonen notes one of the key questions is if Fortum will get back the billions it has lent to Uniper.

Finnish Minister of European Affairs and Ownership Steering, Tytti Tuppurainen, says Finland would not allow Germany to nationalize Fortum's subsidiary without compensation. | Photo: Eduskunta (l.) and Fortum (r.).

The first question about the future of troubled German energy company Uniper is what will happen to the billions of euros in shareholder loans its Finnish parent company gave it earlier this year, says Teemu Salonen, fund manager at OP to Kauppalehti.

Uniper, which is Germany’s largest gas importer, is a subsidiary of Fortum, Finland’s biggest energy company, which owns 56% of the firm. OP is one of the largest shareholders in Fortum, a group which also includes the Prime Minister’s Office and several major institutional investors such as Varma, Ilmarinen, Elo, Danske Invest, Nordea, Veritas and Mandatum.

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