Austrian electricity producer and grid operator Verbund AG (VER.VI) is in talks to sell a 26.5% stake in a group of 13 German hydropower plants, the company's chief executive told journalists Tuesday.
Austrian electricity producer and grid operator Verbund AG (VER.VI) is
in talks to sell a 26.5% stake in a group of 13 German hydropower plants, the
company's chief executive told journalists Tuesday.
The deal will have a value of about EUR345 million and is expected to be closed
in the second quarter of 2011 at the latest, said Verbund Chief Executive
Wolfgang Anzengruber.
The interested parties, three international financial investors, have already
entered the due diligence phase, where they are given the chance to scrutinize
the paperwork on the proposed deal, Anzengruber said, meanwhile declining to
name the interested parties.
Verbund acquired the 13 hydropower plants, which are based along the Bavarian
river Inn, from German power producer E.On AG (EOAN.XE) in September 2009 for
the price of EUR1.3 billion.
It has sold a small stake of 3.5% to the regions in which the plants are based,
and has intended for a while to raise the stake held by others to 30%.
Austrian media has speculated that other Austrian power producers could be
interested in buying either a stake or some of the individual
Inn
plants, but Anzengruber said Tuesday that no Austrian companies have so far
expressed an interest in the intended stake sale.
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