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Energie Steiermark buys Verbund's stake in Steweag-Steg.

(SeeNews) - Dec 4, 2012 - Austrian hydropower utility Verbund (WBAG:VER) said on Monday it had agreed to sell its minority stake in power supply company Steweag-Steg to the parent, Energie Steiermark AG.

Verbund will sell its stake of 34.57% in Steweag-Steg to Energie Steiermark and in return will get a 15% stake held by Steweag-Steg in Verbund Thermal Power GmbH and about 14% owned by Energie Steiermark in Verbund Thermal Power GmbH.

After closing the deal, Verbund will control 80% and Energie Steiermark 20% in Verbund Thermal Power.

All transactions are pending regulatory approval.

The transactions at Steweag-Steg and Verbund Thermal Power will lead to a net cash inflow of EUR 250 million (USD 327.3m) for Verbund.

(EUR 1.0 = USD 1.309)
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Publication:SeeNews Austria
Date:Dec 4, 2012
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