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RNS - Ad hoc-Service: MVV Energie AG english

Company: MVV Energie AG Date: 2001-03-29 Language: English Register to download

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 News Details

Ad-hoc | 29 March 2001 08:16

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Ad hoc-Service: MVV Energie AG english

Ad hoc announcement transmitted by DGAP. The issuer has the sole responsibility of this announcement. ——————————————————————————– MVV Energie AG is expected to get the nod from the Solingen Public Utility Mannheim, March 29, 2001. The Lord Mayor of the City of Solingen announced on March 28, 2001, that 49.9% of the shares in the Solingen Public utility (SWS GmbH) would probably be sold to MVV Energie AG as of January 1, 2002. The City Council of Solingen will make a final decision on the sale to MVV Energie AG on May 17, 2001. With this participation in SWS GmbH, MVV Energie AG will continue to implement its strategy of growth. This tentative decision in favour of MVV Energie AG was made following an international bidding procedure, in which a number of major energy utilities took part. All of the economic effects of the mass-transit division will be absorbed by the previous sole shareholder, the City of Solingen. In fiscal year 2000, SWS GmbH had sales of DM 260 million, earnings before interest and taxes (EBIT) of DM 52 million, and net earnings before taxes (EBT) of DM 26 million according to the results of tentative financial statements. With its core business in supplying electric power, natural gas and water service, SWS GmbH has direct access to 110 000 customers. With its Europe-wide energy trading and its broad portfolio of value-added energy services, MVV Energie AG will be able to support SWS GmbH in expanding its strong regional market position and will thus be able to gain access to the Rhine-Ruhr region, one of the most important metropolitan areas in Germany. Contact: MVV Energie AG Investor Relations Luisenring 49 68159 Mannheim Tel. +49(0)621-290-2392 Fax +49(0)621-290-3075 E-Mail: w.schwannecke@mvv.de Internet: www.mvv-investor.de end of ad hoc announcement, (c) DGAP 29.03.2001 ——————————————————————————– WKN: 725590; Index: SMAX Listed: Amtlicher Handel in Frankfurt und Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg und München 290816 Mär 01