(1888PressRelease)
June 24, 2009 - This approval does not include conditions that would specifically affect the Dutch market. As expected, the Commission has formulated conditions for the German market, which will, however, be complied with by Essent due to its already ongoing divestment of the Bremen municipal utility (Stadtwerke Bremen).
Dr. Michiel Boersma, CEO of Essent, commented: “The approval of the European Commission also shows how complementary RWE and Essent are. There is hardly any overlap of activities involved. Both parties reinforce each other and this offers guarantees for a bright and sustainable future.”
Dr. Juergen Grossmann, CEO of RWE AG, also commented on the Brussels decision, saying “Essent will make RWE more European. We are very pleased that the European Commission has paved the way for this truly trans-national combination.”
The transaction volume is €9.3 billion and covers all of Essent’s business with the exception of its waste business and distribution grids. Completion of the transaction is planned for the third quarter of 2009. Juergen Grossmann continued “Now we are linking up Essent’s expertise in the areas of biomass, gas storage and the energy trading business with RWE’s financial strength. This is in the interest of our customers and will enable us to supply even more reasonably priced and environmentally friendly energy.”
Jan-Peter Schwartz
Head of External Communications
T+49-201-12-15023
F+49-201-12-15094
http://www.rwe.com/
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