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EnBW buys Engie's stake in German local utility MVV Energie
March 16, 2017 / 9:40 AM / 9 months ago

EnBW buys Engie's stake in German local utility MVV Energie

FRANKFURT (Reuters) - German utility EnBW on Thursday said it struck a deal to buy a 6.28 percent stake in local peer MVV Energie from French energy group Engie, which is worth 91 million euros ($97 million) based on MVV’s current market value.

The purchase of the stake increases EnBW’s holding in MVV to 28.76 percent, which means it remains the group’s second-largest shareholder after the German city of Mannheim, which hold 50.1 percent in the group.

The parties decided not to disclose a purchase price, EnBW said in a statement, adding the transaction was still subject to antitrust authorities.

Thinly-traded shares in MVV Energie, whose shareholders also include local utility RheinEnergie were up 1.2 percent following the news. They have gained more than 5 percent so far this year.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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