Vattenfall swoops in on Nuon division

By Fred Pals | February 24, 2009, Tuesday |

Print Edition

SWEDEN'S largest power company, Vattenfall AB, made an all-cash offer of 8.5 billion euros (US$10.9 billion) for 100 percent of Dutch utility Nuon NV's production and supply business.

Vattenfall will acquire 49 percent initially and the rest in the coming six years on fixed terms, the company said yesterday in a statement, Bloomberg News said.

"Our partnership will boost Nuon's investment program for new, cleaner production and innovative energy technologies for our customers," Nuon Chief Executive Oystein Loseth said in the statement.

Nuon is the second Dutch utility to sell part of its production and supply business after Germany's RWE AG last month agreed to purchase Essent NV for 9.3 billion euros. That deal excludes Essent's distribution networks and waste-management divisions.

The four biggest Dutch utilities are required by law to separate their production, trading and sales units from grid operations by 2011. The unbundling is aimed at promoting competition and encouraging grid investment.

Energy

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Vattenfall swoops in on Nuon division

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