RWE sells its 24.95% shareholding in Berliner Wasserbetriebe to the State of Berlin
RWE and the Berlin State Government Departments ["Senat"] for Finance today signed an agreement to sell RWE's indirect 24.95% shareholding in water utility Berliner Wasserbetriebe to the State of Berlin.
- (1888PressRelease) July 19, 2012 - Under the agreement, the State of Berlin will acquire RWE's shareholding in RWE-Veolia Berlinwasser Beteiligungs GmbH and two shareholder loans granted by RWE for a total consideration of EUR 618 million. The transaction is subject to approval by the Berlin House of Representatives and the Supervisory Board of RWE AG.
Conclusion of this transaction will complete RWE’s withdrawal from the Berlin water business. "RWE and the State of Berlin have reached a contractual agreement that takes appropriate and balanced account of the interests of both parties," says Dr. Leonhard Birnbaum, Chief Commercial Officer of RWE AG. "This sale is also an important part of the ongoing divestment programme that RWE commenced in 2011."