DGAP-News: E.ON AG / Key word(s): Disposal
E.ON AG: E.ON sells Gazprom stake
01.12.2010 / 14:13
---------------------------------------------------------------------
E.ON sells Gazprom stake
- Sales proceeds to make key financial contribution as part of E.ON's new
strategic focus
- Long-term energy partnership with Gazprom to continue
E.ON has sold the 3.5 percent stake in Gazprom held by its subsidiary E.ON
Ruhrgas. E.ON reached an agreement to sell a 2.7 percent Gazprom stake to
Vnesheconombank (VEB), Russia's state-owned investment bank. The payment of
the purchase price and the transfer of the stock to VEB are expected to
take place in December 2010. The remaining 0.8 percent have already been
sold in the market. E.ON proceeds from these transactions total EUR3.4
billion, resulting in a book gain of around EUR2.5 billion.
'The proceeds from the sale will take us a big step towards achieving our
objective of generating roughly EUR15 billion through divestments and
portfolio optimization by the end of 2013,' E.ON AG CEO Johannes Teyssen
said. 'We will use these proceeds to further reduce our debt and to
increase our flexibility for making new strategic investments. The sale of
our Gazprom stake does not alter our Russia strategy. E.ON will remain an
active investor in Russia in both power and gas. Our participation in power
producer OGK-4 and in Yuzhno Russkoye gas field are examples of E.ON's very
solid position in Russia.'
In 1998, Ruhrgas began acquiring Gazprom shares in stages and by 2003 held
about 6.4 percent of the company's equity. As part of E.ON Ruhrgas's
acquisition of a stake in Yuzhno Russkoye gas field in Russia, Gazprom
received from E.ON a share packet equal to 2.9 percent of its equity. This
transaction reduced the Gazprom stake held by E.ON Ruhrgas to 3.5 percent.
'The purchase of Gazprom shares more than 10 years ago served to further
solidify the partnership between Gazprom and Ruhrgas and to expand the two
companies' scope for collaboration. Since then, this partnership has been
further intensified. Examples include our involvement in the Yuzhno
Russkoye exploration project and the two companies' participation in Nord
Stream pipeline,' E.ON Ruhrgas AG CEO Klaus Schäfer said. 'The sale will in
no way alter the continued solid partnership between Gazprom and E.ON and
E.ON Ruhrgas,' Schäfer emphasized. 'In the future, we will continue to
procure considerable amounts of Russian natural gas for the German and
European markets and to work together closely on a number of joint projects
in areas like innovative gas technology and natural-gas-powered vehicles.'
--------------
This press release may contain forward-looking statements based on current
assumptions and forecasts made by E.ON Group management and other
information currently available to E.ON. Various known and unknown risks,
uncertainties and other factors could lead to material differences between
the actual future results, financial situation, development or performance
of the company and the estimates given here. E.ON AG does not intend, and
does not assume any liability whatsoever, to update these forward-looking
statements or to conform them to future events or developments.
End of Corporate News
01.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: E.ON AG
E.ON-Platz 1
40479 Düsseldorf
Deutschland
Phone: +49 (0)211 4579-0
Fax: +49 (0)211 45 79-5 01
E-mail: investorrelations@eon.com
Internet: www.eon.com
ISIN: DE000ENAG999
WKN: ENAG99
Listed: Regulierter Markt in Frankfurt (Prime Standard), Berlin,
Stuttgart, Hannover, Hamburg, München, Düsseldorf;
Terminbörse EUREX; Foreign Exchange(s) Mailand
End of News DGAP News-Service
---------------------------------------------------------------------
105185 01.12.2010
DGAP-News: E.ON AG: E.ON sells Gazprom stake
| Source: EQS Group AG