Energy, EU – Baltic States, Gas, Latvia, Legislation, Mergers and take-overs

According to the statement to the stock exchange, Latvijas Gaze gas utility on November 4 received a notification according to which, Finland, through its Fortum Oyi and a number of other companies, has indirect control over Uniper since August 17, 2020.

The extent of Uniper's holding in Latvijas Gaze has not changed. Since 2016 it owns 18.26% of Latvijas Gaze shares.

The statement says that Fortum acquired the Uniper shares in March this year, increasing its stake in the company to more than 50%. After that Fortum's stake in Uniper continued to increase until it reached 75.01% in August.

Fortum already operates two companies in Latvia - Fortum Latvia and Fortum Jelgava, whose owner is the Dutch-registered Fortum H&C 1 B.V.

As reported, Latvijas Gaze closed 2019 with EUR 314.349 million in turnover and a profit of EUR 20.19 million.

Latvijas Gaze shares are traded on the Nasdaq Riga Secondary List.

The gas company's key shareholders include Gazprom (34%), Marguerite Gas II.S.a.r.l. (28.97%) Uniper (18.26%) and Itera Latvija (16%).