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E.ON rejects reports on plans to buy Vattenfall's business in Finland.


German power and gas utility E.ON (ETR:EOAN) dismissed on Thursday reports saying it was considering the acquisition of Swedish Vattenfall's business in Finland.

Anders Olsson, deputy chief of E.ON's Swedish subsidiary, said in a statement that the company does not wish to comment on "this type of speculation".

Finnish public broadcaster YLE cited earlier today Markku Ryymin, managing director of E.ON's Finnish unit E.ON Suomi as saying that his company was interested in Vattenfall's Finnish business.

The said business, including power and heat sale and a power distribution network, is valued at some EUR1bn (USD1.4bn), Reuters reported.

Vattenfall, covering 12% of the Finnish power market, may sell its operations in the Nordic country as part of a strategy to focus on key markets in Sweden, Germany and the Netherlands.Country: , FinlandSector: UtilitiesTarget: Vattenfall's Finnish businessBuyer: E.ON AG, E.ON SuomiVendor: Vattenfall ABDeal size in USD: 1.4bnType: Corporate acquisitionStatus: DeniedComment: Deal size is speculated., E.ON rejects reports on interest.

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Publication:M & A Navigator
Date:Mar 10, 2011
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