Karlsruhe. Following the approval issued by the Federal Cartel Office on 17 February, further approvals have now also been received from the relevant authorities in Austria, Poland, the Czech Republic and Slovakia for the acquisition of shares in Verbundnetz Gas Aktiengesellschaft (VNG) by EnBW Energie Baden-Württemberg AG (EnBW). Following approval by the ordinary Annual General Meeting of VNG at the beginning of April and the subsequent closing of the transaction, EnBW will become the majority shareholder of VNG.
On 16 October 2015, EnBW, EWE AG and Ems-Weser-Elbe Versorgungs- und Entsorgungsverband agreed to restructure their shareholdings. EWE AG sold its 74.2 percent shareholding in VNG to EnBW AG. At the same time, EnBW AG divested itself of its 26 percent EWE shareholding. This stock will be purchased by EWE-Verband (16 percent) and by EWE itself (ten percent).
The next step after the closing of the transaction will be the appointment of the EnBW representatives on the Supervisory Board of VNG. It is anticipated that this equity investment will be consolidated on the EnBW balance sheet in 2017. “We are delighted to have been able to lay the foundations for further expanding our gas business with VNG and its expert workforce. The closing of the transaction means that we can now work on the identified areas of cooperation together. This will create value for both companies”, explained Markus Baumgärtner, Head of Gas Business at EnBW.