Minister Tuppurainen on 8 billion euros: “The money has not been lost anywhere”


The Minister of Ownership Management considered the Uniper solution to be the best possible compromise in this situation. Tytti Tuppurainen held a press conference on Friday afternoon. Matti [email protected] at 16:31 (edited yesterday at 17:51)

The Minister of Europe and Ownership Guidance Tytti Tuppurainen (sd.) stated in her press conference on Friday, that the Uniper solution published on Friday was the best possible compromise in this difficult situation.

Tuppurainen highlighted the three most important issues from Finland's point of view in the negotiations, which the state, as Fortum's largest owner, wanted to ensure.

– First of all, that the negotiations find a solution in which the state's shareholder value in Fortum is preserved and developed in the best possible way, and the agreement is, from this point of view, the best possible compromise, under these circumstances and in this schedule.

– Secondly, that neither Fortum nor the Finnish government, and thus the taxpayers, should grant additional funding as part of the solution, and now it is good to say that this goal was achieved.

– Thirdly, that the 4 billion euro shareholder loan granted by Fortum and the 4 billion euro parent company guarantees issued on behalf of Uniper would remain in effect and not be forfeited. The goal of this was also achieved, these are still available on Uniper's balance sheet.

8 billion solution

Tuppurainen said that he had informed Fortum's ownership management department of the eight billion solution, stating that as the main owner we were aware that the company's board would make such a decision. The minister characterized the solution as necessary in that situation.

– Because Uniper was running into immediate payment difficulties. It is a question of considerable funding, but if you compare it to the turnover of the entire Fortum Group last year, which was more than 112 billion euros, then 8 billion in this total turnover is certainly a lot, but perhaps not quite an impossible amount. And this money has not been lost anywhere. This shareholder loan and this guarantee are still positive in Uniper's balance sheet, they are receivables, which Fortum will certainly hold on to.

Minister Tuppurainen About 8 billion euros: ”The money has not been lost anywhereään”

Tuppurainen, acting as Prime Minister, characterized the Uniper solution earlier on Friday as the best possible compromise. Henri Kärkkäinen

Iltalehti editor Onni Kariasked Tuppurainen at the press conference why the crisis has not been reacted to earlier. According to Tuppurainen, the crisis has been reacted to before, and throughout the past spring and even before that, there has been a very close dialogue between Fortum's executive management and the board about how to minimize risks.

– In the ownership management, we have identified the risks related to Fortum and Uniper, they have been the share of the coal business in Central Europe and the business operations in Russia and this rather large gas trading. This has been discussed all along, but the issue is listed companies. This issue cannot be discussed in public or discussed, but matters have been handled based on our usual confidential owner-control dialogue.

According to Tuppurainen, the company's board enjoys the trust of the principal owner.


Financial advisor Maija Strandbergrepresented the Finnish state in the negotiations at the proposal of the Minister of Ownership. He said that from the point of view of ownership management, the owner has a clear strategic interest that is specifically aimed at Fortum. According to Strandberg, all goals in the negotiations aim to maximize Fortum's shareholder value.

The Finnish state owns 50.8 percent of Fortum. FORTUM

Strandberg underlined that Uniper is not a worthless company. Both negotiating parties recognized that there are big difficulties in some parts of the company, but by no means in all of Uniper's business areas. According to Strandberg, the negotiations took place in good cooperation.

– You can say that it is not easy to negotiate a situation where we have an acute problem, but at the same time we also recognize that there is value in the Uniper company. The solution reached can and should be criticized, but we recognize that it was the best compromise that was available in this situation and with this schedule.

According to Minister Tuppurainen, the long-term profitable business of both companies has been secured. He emphasized that Uniper's asset value has not disappeared and that, for example, hydropower and nuclear power in the Nordic countries are still profitable.

The three basic elements of the Uniper package

Fortum and its subsidiary Uniper have agreed with the German government on a comprehensive rescue package to provide financial assistance to Uniper.

The package has three basic elements.

– The German state acquires a 30 percent stake in Uniper's shares by subscribing to approximately 157 million new shares for approximately EUR 267 million. The shares will be subscribed at a nominal value of EUR 1.70 per share.

– The German government is committed to providing Uniper with a maximum of EUR 7.7 billion in financing through exchangeable instruments and, if necessary, is preparing to provide additional support to cover possible losses.


– The German state-owned bank KfW is giving Uniper 7 billion euros in additional support to strengthen the company's financial position by increasing the previously granted short-term standby credit from the current 2 billion euros to 9 billion euros. earlier on Friday as the best possible compromise.

Tuppurainen said in a press release that he considers it important that Fortum and its subsidiary Uniper and the German government have reached an agreement on measures to stabilize Uniper's situation and secure people's access to energy in Europe.

The opposition leaders were disappointed

The chairmen of the opposition parties Petteri Orpo (kok) and Riikka Purra (ps) were disappointed with Friday's Uniper news.

Purra was disappointed, among other things, that Uniper was not split. However, according to him, the fundamental mistake was made already at the beginning of the year, before the war in Ukraine, when Fortum granted Uniper a financing package of 8 billion.

The chairmen of the opposition parties, Petteri Orpo and Riikka Purra, were disappointed with Friday's Uniper news. Henri Kärkkäinen

Orpo, on the other hand, stated that he was satisfied that the agreement was reached and that Germany took its responsibility in solving the crisis.

However, at this stage, like Purra, he considered it a disappointment , that the market prices will not be passed on to consumers until October, and that splitting up the business was out of the question.

Editorial: Business geniuses who burn citizens' property would earn completely new titles 22.7. 18:31 "Good alternatives were conspicuous by their absence” – the analyst evaluates the Uniper agreement on 22.7. 20:01 Fortum's Markus Rauramo assures that the rescue package is sufficient – “Germany is committed to additional arrangements” 22.7. 16:39 Comment: Fortum suffers billions in losses from Uniper adventure 22.7. 15:19 Scholz: Gas prices for Germans will rise in the fall 22.7. 13:55


Please enter your comment!
Please enter your name here