Why did Fortum stock fall on 9 October?
Written after the close on
Fortum −0.89% · OMX Helsinki 25 +0.54%
Fortum fell slightly, as its Elmera buy-out cleared the last hurdles. Over the last five trading days Fortum fell slightly, and the Helsinki large-cap index also fell slightly, so Fortum moved more than the market. The likely driver was Fortum's takeover of Norway's Elmera Group: it secured acceptance for about 91.6% of the shares and then a majority, which lets it force out remaining small shareholders. News that data centres are tightening the power market and that Fortum is getting a strong price for electricity from a large technology customer also shaped sentiment. Watch the late-October earnings report for how the Elmera deal and power prices feed through.
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