Fortum offers NOK 5.1 billion for Elmera

Elmera ASA

29/06/2026 09:48

By Alexander Gudbrandsen

    June 29 (Reuters) - Finnish energy company Fortum FORTUM.HE said on Monday it had agreed terms for a recommended, conditional voluntary cash tender offer to buy all shares in Norway's Elmera Group ELMRA.OL, topping a rival approach disclosed last week.
Fortum said the offer valued Elmera at about NOK 5.1 billion ($513.55 million), above the NOK 4.5 billion bid that Spain's Audax Renovables said last Thursday it planned to launch for the Norwegian retail electricity provider.
Elmera said last week it had also received a non-binding approach from another strategic player at a "significantly" higher price, without naming the party. Fortum's announcement identifies that higher-priced suitor and raises the stakes in the contest for the company.
     
A cash consideration of NOK 47 will be offered for each share, representing a premium of 59% compared to the undisturbed closing trading price for the shares on June 24, 2026.
Elmera’s board has unanimously decided to recommend the shareholders to accept the offer.
Elmera shareholders collectively owning about 37.8% of the shares have supported the offer.
''The proposed acquisition of Elmera supports our strategy to grow our consumer solutions offering and customer base, while strengthening our geographic footprint,'' Fortum’s president and CEO Markus Rauramo said in a statement.
By combining customer volumes, operational infrastructure, and expertise across the value chain, the combined business is expected to deliver meaningful cost efficiencies and operational synergies, the statement read.
Elmera’s shares rose about 41% last Thursday and are up about 2.5% on Monday.
     
($1 = 9.9309 Norwegian crowns)

 (Reporting by Alexander Klyve Gudbrandsen; Editing by Matt Scuffham)
 ((alexanderklyve.gudbrandsen@thomsonreuters.com))