Ad hoc: EnBW sells holding in Hidroeléctrica del Cantábrico, S.A.
EnBW Energie Baden-Württemberg Aktiengesellschaft in Karlsruhe is selling its 34.58% stake in Spanish company Hidroeléctrica del Cantábrico, S.A. (Hidrocantábrico) to Portuguese electricity supplier Electricidade de Portugal, S.A. (EDP). The sale is subject to antitrust approval by the EU Commission and implementation of the scheduled funding concept by EDP. This move will generate an inflow of funds totalling 649 million euros for EnBW, but it will not generate any major earnings effects in the second half of the year with regard to the income statement. Moreover, the deconsolidation of the Hidrocantábrico holding will reduce the financial debts of the EnBW Group by around 650 million euros.
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