ESSEN, Germany--Elliott Management Corp. agreed Wednesday to delay a vote on whether Uniper SE (UN01.XE) management should be subject to a special audit in connection with the energy company's efforts to thwart a takeover by Fortum Oyj (FORTUM.HE).
The move followed a proposal from E.ON SE to delay the vote at Uniper's annual general meeting. With a 47% stake in Uniper, E.ON would have been able to advance the proposal on its own, since only 81% of the capital was represented at the meeting.
A representative of Cornwall Sarl, an Elliott-affiliated company that holds 8% in Uniper, said he would defer the special audit issue. He nevertheless called on management to clarify its opposition to Fortum's bid.
Fortum made a takeover bid for Uniper last year, after striking a deal to buy E.ON's stake for 3.76 billion euros ($4.40 billion). E.ON's sale should be completed by fall, meaning the special audit issue will be in Fortum's hands.