FRANKFURT (Reuters) - German energy firm Uniper, subject to a 8.05 billion euro ($9.54 billion) takeover bid by Finnish peer Fortum, could make small and selective acquisitions itself, its finance chief told the online version of FINANCE magazine.
“Uniper will not make headlines with large deals in the billions. We want to develop step by step. Apart from organic growth we can imagine making M&A transactions in the low triple-digit millions,” Christopher Delbrueck was quoted as saying.
He confirmed that Uniper’s management remained opposed to Fortum’s 22-euro-per-share offer, saying it undervalued the company’s prospects and was also lower than Uniper’s current share price, which stood at 24.915 euros apiece at 1216 GMT.
Ahead of a strategy update for investors scheduled for Thursday, Delbrueck said that Uniper’s economic net debt would fall to about 2.5 billion euros by the end of the year, compared with 4.1 billion at the end of September.
He also said that Uniper would reach its target of 1.0-1.2 billion euros in earnings before interest and tax (EBIT) in 2017.
($1 = 0.8436 euros)
Reporting by Christoph Steitz; Editing by Gareth Jones