Yet hedge funds Elliott Management Corp. and Knight Vinke have just succeeded in squeezing a high price from the one keen buyer of their combined 21% holding, the Finnish utility Fortum Oyj. Fortum sees a potential path to Russian approval, although it won’t say precisely what it is. The Finnish company has agreed therefore to pay 2.3 billion euros ($2.5 billion) for the position held by Elliott and Knight Vinke. As for Fortum, it’s a victory of sorts in a war of attrition with Uniper’s management. The German target appears to have relied on the Russian water asset being a poison pill.

Source: Washington Post October 08, 2019 13:18 UTC