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Hedge fund Knight Vinke lifts stake in M&A target Uniper

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12/20/2017 | 01:17pm CET
FILE PHOTO: The flag of Uniper flutters in Duesseldorf

Hedge Fund firm Knight Vinke has increased its holding in Germany's Uniper (>> Uniper SE) to 5.02 percent, adding it would not tender that stake to Finland's Fortum (>> Fortum Oyj) as part of a 8.05 billion euro ($9.5 billion) takeover offer.

Hedge Fund firm Knight Vinke has increased its holding in Germany's Uniper (>> Uniper SE) to 5.02 percent, adding it would not tender that stake to Finland's Fortum (>> Fortum Oyj) as part of a 8.05 billion euro ($9.5 billion) takeover offer.

Knight Vinke's increased investment comes a day after Elliott Management said it had raised its holding in Uniper to 7.38 percent. Elliott has not said how it will respond to the takeover offer.

Knight Vinke, which has been a shareholder since September 2016, said it was not acting in concert with any other shareholder.

A source close to the firm said Knight Vinke was not under any legal obligation to state that it was acting on its own, but did so for clarification to the market.

"They've got their agenda, Elliott have their own agenda," the person said.

A spokeswoman for Elliott declined to comment.

The news comes ahead of plans by E.ON (>> E.ON), Uniper's former parent, to tender its remaining 46.65 percent stake in Uniper to Fortum for a fixed price of 22 euros per share by Jan. 11, 2018, which is below its current share price.

The offer extends to all Uniper shareholders under German takeover rules and runs until Jan. 16.

Uniper shares were down 1 percent at 26.065 euros by 1157 GMT.

(Reporting by Christoph Steitz in Frankfurt and Maiya Keidan in London; Editing by Ludwig Burger/Keith Weir)

Stocks treated in this article : Fortum Oyj, E.ON, Uniper SE
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Financials (€)
Sales 2017 38 318 M
EBIT 2017 2 961 M
Net income 2017 3 427 M
Debt 2017 21 250 M
Yield 2017 3,33%
P/E ratio 2017 5,59
P/E ratio 2018 13,05
EV / Sales 2017 1,07x
EV / Sales 2018 0,80x
Capitalization 19 601 M
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Average target price 10,4 €
Spread / Average Target 17%
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Karl-Ludwig Kley Chairman-Supervisory Board
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