EnBW intends to acquire 47.89% of VNG

Karlsruhe. EnBW Energie Baden-Württemberg AG intends to acquire the 47.89% shareholding in Verbundnetz Gas Aktiengesellschaft (VNG) held by EWE AG. EnBW's Supervisory Board passed the necessary resolution earlier today. EWE AG similarly passed a resolution on the sale today. In particular, the transfer of the shareholding is still subject to approval by VNG’s annual general meeting and the Federal Anti-Trust Office.

This decision is related to EnBW’s acquisition of a 26% shareholding in EWE which has already been filed with the Federal Anti-Trust Office. “The acquisition of the shareholding opens up various new options and opportunities for all parties concerned including VNG. We invite all of VNG’s shareholders to join in as partners in continuing VNG’s development,” said Hans-Peter Villis, CEO of EnBW.

EnBW is generally willing to contribute its 47.89% shareholding to a strategic alliance with a view to developing VNG. EnBW is of the opinion that such a strategic alliance will strengthen Germany as an energy location.

With a market share of around 15%, VNG is one of the three leading importers of natural gas. VHG supplies regional redistributors, municipal utilities and industrial companies. On an international scale, VNG is active above all in Poland, the Czech Republic, Slovakia, Italy and Norway. VNG generated revenue within the group of € 4.1 billion and a net profit of € 155.2 million in 2007.