# Fortum Settles Elmera Tender Offer at NOK 47 a Share, Taking 91.92% Control

> Fortum settled its cash offer for Elmera Group at NOK 47 a share, paying about EUR 463 million for 91.92% control and planning a compulsory buyout.

- Published: 2026-10-23T06:18:53+00:00
- Section: Mergers & Acquisitions
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-23/fortum-elmera-tender-offer-majority
- Source: [news.cision.com](https://news.cision.com/fortum/r/fortum-becomes-the-majority-owner-of-elmera-group-asa,c4414323)

## Key takeaways

- Fortum paid NOK 47 per share, about EUR 463 million, for Elmera Group shares in a voluntary cash tender offer.
- Fortum holds 105,108,968 Elmera shares, about 91.92% of issued share capital and voting rights.
- Elmera will be consolidated into Fortum Group and reported in the Consumer Solutions segment.

[Fortum](https://akta.pro/company-profiles/0000jqz/fortum) has settled its voluntary cash tender offer for all issued and outstanding shares in Elmera Group ASA at NOK 47 per share, a total consideration of approximately EUR 463 million, or NOK 4,940 million. The Finnish energy company said it now holds 105,108,968 Elmera shares, about 91.92% of issued share capital and voting rights.

## Fortum's NOK 47 Offer for Elmera Group

Fortum said the offer covered all issued and outstanding shares except those owned by Elmera, and that it has acquired control of the Norwegian electricity retailer. Excluding Elmera's treasury shares, Fortum's holding equals 96.12% of the share capital and voting rights.

Elmera will be consolidated into Fortum Group and included in the Consumer Solutions segment. Fortum said it will give further details on the consolidation, including the purchase price allocation, in the Financial Statements Bulletin for 2026.

Fortum intends to carry out a compulsory acquisition of the remaining shares not owned by Fortum or Elmera, expected to be completed in the coming weeks, and then to pursue a delisting of Elmera's shares from Euronext Oslo Børs.

Elmera drew competing interest before the offer closed. Audax, which had targeted Elmera, is now in talks with other European firms, Eleconomista reported on October 3, 2026, after Fortum's offer passed 90% approval and competition regulators cleared it.

## Fortum's Scale in Nordic Energy

According to akta.pro [company records](https://akta.pro/company-data), Fortum is a publicly listed Nordic energy company that generates 99% of its power from CO2-free renewable and nuclear sources and serves approximately 2 million consumer and business customers across Finland, Sweden, Norway and Poland. The same records put Fortum's comparable operating profit at EUR 924 million in 2025, with total funding of $4.4 billion and a last round dated April 16, 2026.

## Fortum's Elmera Bid Timeline

Fortum launched a recommended voluntary cash tender offer for all Elmera shares at 47 Norwegian kroner per share on August 21, 2026, NewsnReleases reported. On September 18, 2026, Kauppalehti reported that Fortum extended the offer deadline from that day to October 2, with implementation delayed accordingly if the offer was executed. On September 25, 2026, Kauppalehti reported that the offer had received acceptances for 102,940,761 shares, about 90.02% of outstanding shares and 94.14% including Elmera's own holdings.

## Fortum's Interim Report Date

Fortum will publish its January-September 2026 Interim Report on October 28, 2026 at 9:00 EET, with a live webcast and teleconference at 11:00 EET, [news.cision.com](https://news.cision.com/fortum/r/fortum-becomes-the-majority-owner-of-elmera-group-asa,c4414323) reported on October 14, 2026.

## Companies in this story

- [Fortum company profile](https://akta.pro/company-profiles/0000jqz/fortum) · website: http://www.fortum.com

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