Finnish energy provider Fortum has made an indicative, non-binding takeover bid to the four largest shareholders of the Ekokem waste group. Fortum did not disclose the amount of the offer. The Finnish utility says it is seeking to acquire the waste group because its position as a "Nordic circular economy company" is a good fit to Fortum's clean energy strategy, which focuses on providing sustainable solutions to the "energy and waste issues of cities and urban areas", among other sectors.
Ekokem's largest shareholders are the Finnish government, the Association of Finnish Local and Regional Authorities, the Ilmarinen Mutual Pension Insurance Company and the Helsinki Region Environmental Services Authority HSY, according to Fortum. Together the four entities hold more than 80 per cent of the waste group's shares. Ekokem, originally specialising in hazardous waste management, is active throughout Finland, Sweden, Norway and Denmark and by its own account posted net revenues of €258m in 2015.