Fortum to acquire Elmera for about NOK 5.1bn

Finnish energy group Fortum and the board of Elmera agreed on 29 June 2026 on a recommended voluntary cash offer for all shares of the Norwegian power and energy services company at NOK 47 per share, about 59% above the 24 June 2026 closing price; the total value is around NOK 5.1bn. Major shareholders holding about 30.4% had signalled their support. Update (23 Oct 2026): settlement of the offer has been completed and Fortum holds about 91.9% of the capital; a compulsory acquisition of the remaining shares and a delisting from Oslo Børs are planned (Fortum, 29 Jun 2026; Oslo Børs, 23 Oct 2026). Update (30 Oct 2026): Fortum has resolved a compulsory acquisition of all remaining Elmera shares at NOK 47 per share and now owns all shares; payment is due by 5 Nov 2026 (Oslo Børs, 30 Oct 2026).