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E.ON sells stake in east German subsidiary

AFP
Smoke rises from the chimneys of a heating power plant at Berlin's Brandenburg Willy Brandt airport in Schoenefeld on December 12, 2012. E.ON, Germany's biggest power supplier, said Wednesday it has agreed to sell a 43-percent stake in its regional subsidiary E.ON Thueringer Energie in a deal worth 900 million euros.

E.ON, Germany's biggest power supplier, said Wednesday it has agreed to sell a 43-percent stake in its regional subsidiary E.ON Thueringer Energie in a deal worth 900 million euros ($1.2 billion).

E.ON said in a statement it has agreed to sell the stake to a municipal consortium, Kommunaler Energiezweckverband Thueringen (KET).

The sale price includes the assumption by KET of around 400 million euros in shareholder loans, the statement said.

The transaction would be finalised "in the next few weeks" and was subject to approval by the regional state government of Thuringia.

E.ON added that it may also sell its remaining 10-percent stake in E.ON Thueringer Energie "shortly".