E.ON SE

M&A Activity • Jan 30, 2002

News Details

Ad-hoc | 30 January 2002 08:01

E.ON AG english

E.ON divests Veba Oel majority Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– E.ON divests Veba Oel majority Veba Oel sells upstream business to Petro-Canada E.ON is systematically continuing to focus on its core energy business. In accordance with an agreement reached in summer 2001, BP will acquire a 51 percent stake in Veba Oel by a capital increase in early February 2002. The transaction will enable Veba Oel and Aral to rapidly enter their partnership with BP, a partnership that ensures their future viability. In the wake of the capital increase, E.ON will receive roughly 1.9 billion euros from BP in redeemed shareholder loans. Starting in April 2002, E.ON has the right to exercise a put option to sell its remaining 49 percent stake in Veba Oel to BP. Last summer E.ON and BP priced the option at 2.8 billion euros, plus purchase price adjustments. These adjustments are now due to take effect. In consultation with BP, Veba Oel sold its entire exploration and production business to Petro-Canada. The purchase price totals about 2.4 billion euros, substantially exceeding original expectations. By exercising the put option E.ON’s proceeds resulting from the divestiture of Veba Oel could increase by 500 million euros for a total of about 3.3 billion euros. end of ad-hoc-announcement (c)DGAP 30.01.2002 ——————————————————————————– WKN: 761440; ISIN: DE0007614406; Index: DAX, EURO STOXX 50 Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart; Eurex; Swiss Exchange; New York 300801 Jän 02