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E.ON sells its BKW stake to BKW and Groupe E
Bern (ots) - E.ON Energie AG is to sell its shareholding in BKW FMB Energy Ltd (BKW). E.ON, BKW and Groupe E AG have agreed on the terms of repurchase/conditions of purchase. E.ON's rationale for selling the stake was a reassessment of its strategy. By buying back the shares, BKW will expand its strategic room for manoeuvre.
E.ON acquired its stake in BKW in two stages in 1997 and 1999. Following a reassessment of its strategy, E.ON has now decided to dispose of its entire holding in BKW. The sale will be carried out in two phases. In a first step, BKW will acquire 8.9% of the shares and Groupe E 5.01%. At the same time, an option agreement with a term until September 2011 grants BKW the right to acquire the remaining stake of around 7 percent in a second phase. The purchase increases Groupe E's stake in BKW to 10 percent. For BKW, both the repurchase as well as the acquisition of shares under the option agreement will be at the same share price, around 11% below the average price over the past 60 days. BKW is to acquire the first tranche for CHF 304.3 million or CHF 64.30 per share.
The share repurchase reinforces BKW's autonomy as a company, strengthens the existing cross-shareholding between BKW and Groupe E, and will result in the existing partnership being stepped up. The transaction also provides BKW with new options for strategic further development.
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