Fortum Plans ‘Controlled Exit' From Russia Through Sales [Business News Network (BNN) (Canada)]
FORTUM OYJ CP UNSP/ADR (FOJCY)
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www3.fortum.com/about-us/investors/focus
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Source: Business News Network
“We have decided to pursue a controlled exit from the Russian market,” Chief Executive Officer Markus Rauramo said in a statement. “As the preferred path, this decision includes a potential divestment of Fortum's Russian operations.” The announcement comes just weeks after a 2.1 billion-euro ($2.2 billion) writedown on the value of the firm's and its German subsidiary Uniper SE's Russian operations. In early April, Finnish Prime Minister Sanna Marin signaled that a withdrawal from the country should come as soon as possible. The company didn't offer any further substantial details on a call with analysts. Fortum and Uniper will keep the assets in “good shape” so that they are ready for a potential sale, Rauramo said. The utility has also decided to stop using the Fortum brand in Russia. Other energy companies have also taken hits on their businesses in Russia. BP Plc earlier this month confirmed a $25.5 billion charge linked to its exit. TotalEnergies SE took a $4.1 billion wri
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