Unimot cancels deal with Alpiq

WSE-listed fuel trader Unimot will not go through with setting a joint-venture company with Swiss Alpiq to sell electricity and natural gas, the company said in a market filing. “After detailed market and business analysis we’ve decided to concentrate on independently developing this activity within our own capital group,” Unimot said. The company has declared that it will continue to cooperate with Alpiq on the wholesale electricity trade segment. Back in February, Unimot announced that it has signed a letter of intent with Alpiq regarding joint development of electricity and natural gas sales company. According to the deal terms, Alpiq could invest in Unimot's subsidiary or set up a new company with Unimot.