VERBUND Relinquishes Shares in Inn Power Plants to Wien Energie and EVN
VERBUND concludes the sale of up to 30% of the shares in the company, as was announced at the purchase of the Bavarian Inn power plant.
Following the acquisition of 3.734 % of the shares by Innkraft Bayern GmbH & Co. KG in 2010 and 2011, 26 % are now going to the Austrian energy suppliers, Wien Energie and EVN.
VERBUND acquired the 13 Inn power plants from the German energy supplier, E.ON, in June 2009. At the time of the 2009 acquisition, VERBUND announced that it would relinquish up to 30% of the shares in the Inn power plants. 2010 and 2011 saw Innkraft Bayern GmbH. & Co. KG taking over a total of 3.734 % of the shares. The process has now been concluded with the sale of 26 % of the shares to Wien Energie and EVN.
The contracting parties have agreed to maintain secrecy concerning the exact transaction price. As was also announced, the shares in the amount of 26 % are now going to the two Austrian suppliers at the original acquisition price plus an appropriate interest payment. Furthermore, they retain the proportional electricity purchase rights at market prices.
This transaction leads to a further strengthening of VERBUND’s capital structure. The signing is planned for the end of June 2011; subject to the presentation of all authorisations in compliance with competition law, the closing is scheduled for August 2011.