OilVoice - Vattenfall Plans to Sell German Subsidiary WEMAG

Vattenfall Plans to Sell German Subsidiary WEMAG

Tuesday, September 01, 2009

Vattenfall plans to sell its 80,3 percent share in the regional electricity company WEMAG. The buyers are the 268 municipalities of Mecklenburg-Western Pomerania and Brandenburg, which today owns the minority share. The purchase price amounts to EUR 170 million.

Closing of the transaction will require approval by the government authority supervising the municipalities as well as by the German Cartel Office. The transaction is expected to be closed by the end of the year. Vattenfall will remain a partner and a supplier to WEMAG in the future. The sale is part of Vattenfalls group-wide ongoing review of its shareholdings.