RWE AG (RWE.XE) doesn't have any knowledge of a possible takeover bid from French competitor Electricite de France (1024251.FR), Juergen Grossmann, chief executive of Germany's second-largest utility by market value, told reporters late Wednesday in Duesseldorf.
His comments came in response to renewed speculation that EdF was considering making an offer for RWE. Shares in RWE rose Wednesday on market speculation that EdF was considering offering EUR135 a share, which would equate to a significant premium on the stock, presently trading at around EUR78 a share.
"I don't think that anyone is presently interested in (taking over) RWE," Grossmann said.
He added his last contact with EdF Chief Executive Pierre Gadonneix was at the World Economic Forum in Davos in January. At that time, Gadonneix remarked EdF will only invest where it is welcome, Grossmann said.
He added RWE has the ability to thrive on a stand-alone basis and seeks to remain independent.
Grossmann also said RWE doesn't plan to sell its high-voltage power grid to avert a possible European Union antitrust fine, like its competitor E.ON AG (EOA.XE) is planning to do.
In February, the European Commission's plans for so-called ownership unbundling gained fresh momentum after RWE's main domestic competitor, E.ON, reversed its position on the matter, offering to sell its German high-voltage power grid to settle two E.U. antitrust cases.
Grossmann added he doesn't think the commission can threaten the company with a cartel fine that would force RWE to sell its transmission power grid.
Grossmann said RWE has evaluated the risk for a fine, adding the evaluation didn't find anything "life threatening" for the company.
"I don't know why this should give us reason to change our business model," Grossmann said.
He added E.U. competition commissioner Neelie Kroes hasn't yet presented RWE concrete charges surrounding its power and gas grids operations.
Grossmann said RWE's supervisory board last year discussed a possible sale of its transmission power grid. However, the board decided against a sale at that time, he added. As a result, RWE isn't in negotiations to sell the grid and hasn't received any offers, Grossmann said.
However, he didn't rule out that RWE would review its transmission power grid operations and a possible sale of the business in future.
"The sale of the grids isn't a question of life and death for RWE," Grossmann said, adding that the around EUR2 billion the business is worth is lower than the EUR2.3 billion the company had planned to invest in a coal-fired power plant in Ensdorf, western Germany.