Fortum satisfies acceptance condition for Elmera Group tender offer
Fortum Oyj announced on September 25, 2026, that its voluntary cash tender offer for Elmera Group ASA has met the minimum acceptance condition. Over 90% of Elmera's shares have accepted the offer.
Finnish energy company Fortum Oyj has announced that its recommended voluntary cash tender offer for Norwegian company Elmera Group ASA has satisfied the minimum acceptance condition. Fortum's wholly owned subsidiary, Fortum Consumer Solutions AS, received acceptances for 102,940,761 shares, representing approximately 90.02% of Elmera's issued share capital and voting rights.
This acceptance level meets the "Minimum Acceptance" closing condition set out in the offer document, paving the way for the transaction to proceed. Fortum had previously secured regulatory approvals for the offer. The completion of the tender offer remains subject to other outstanding closing conditions outlined in the offer document.
The offer period, which was extended to October 2, 2026, may be further extended at Fortum's discretion. Following the completion of the offer, Fortum intends to proceed with a compulsory acquisition of any remaining shares and subsequently delist Elmera's shares from the Oslo Stock Exchange.
The acquisition is part of Fortum's strategy to strengthen its position in the Nordic and European electricity retail markets. Elmera Group operates in electricity sales and related services in Norway.