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VERBUND AG — M&A Activity 2012
Dec 3, 2012
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M&A Activity
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News Details
Corporate | 3 December 2012 15:03
VERBUND AG: VERBUND sells interest in STEWEAG-STEG to Energie Steiermark
VERBUND AG / Key word(s): Disposal/Agreement
03.12.2012 / 15:03
VERBUND sells interest in STEWEAG-STEG to Energie Steiermark
VERBUND, Austria’s leading utility, was able to take further successful steps in restructuring the investment portfolio in Austria and the planned disinvestment program.
VERBUND and Energie Steiermark AG (ESTAG) have reached an agreement under which VERBUND would sell the minority interest of 34.57% of the distribution company STEWEAG-STEG to its parent company ESTAG and in return would purchase an approx. 14.7% interest of STEWEAG-STEG in VERBUND Thermal Power GmbH & Co KG and an approx. 14% interest of ESTAG in VERBUND Thermal Power GmbH. Regarding the interest of ESTAG in VERBUND Thermal Power the corresponding formal decisions will be made on Wednesday.
After the transaction is completed, VERBUND will hold 80% and Energie Steiermark 20% of the interest in VERBUND Thermal Power GmbH. VERBUND will hold an approx. 76% interest and Energie Steiermark an approx. 20% interest in VERBUND Thermal Power GmbH & Co KG after this; the remaining approx. 4% is held by various minority shareholders from the Austrian energy industry. All transactions are subject to authorization under anti-trust law.
The sale of the minority interest in STEWEAG-STEG and the changes in interest at VERBUND Thermal Power will result in a net cash inflow of EUR250m for VERBUND. The cash inflow is expected in quarter 1/2013.
For additional information
Mag. Andreas Wollein
Head of Group Finance and Investor Relations
Tel.: +43(0)50313-52604
Fax: +43(0)50313-52694
Contact:
Andreas Wollein
Head of Group Finance and Investor Relations
T.: +43 (0)5 03 13 – 52604
F.: +43 (0)5 03 13 – 52694
mailto:[email protected]
End of Corporate News
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| Language: | English |
| Company: | VERBUND AG |
| Am Hof 6A | |
| 1010 Wien | |
| Austria | |
| Phone: | 0043-1-53113-52616 |
| Fax: | 0043-1-53113-52694 |
| E-mail: | [email protected] |
| Internet: | www.verbund.com |
| ISIN: | AT0000746409 |
| WKN: | 877738 |
| Indices: | ATX |
| Listed: | Foreign Exchange(s) Wien (Amtlicher Handel / Official Market) |
| End of News | DGAP News-Service |
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| 195588 03.12.2012 |