Finnish state-controlled electric utility Fortum Oyj is planning other acquisitions after its failed bid for a majority control of Uniper SE, Reuters reported.
Fortum acquired a 46.65% stake in its German counterpart after bidding €8.05 billion for all the target's outstanding shares. That deal left the company with €10 billion in cash to spend on other deals.
"We are looking at different (acquisition) opportunities," CEO Pekka Lundmark said when asked how the company will use the unspent funds. Lundmark did not identify specific target companies but said that Fortum was considering acquisitions of district heating providers in the Nordics, Latvia, Poland, Russia and India, which are the company's core markets, Reuters said.
Fortum previously announced the acquisition of Latvian district heat producers BK Energija, Sprino and Energy and Communication in late February.
