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Verbund, E.on asset swap receives green light from authorities - report.

(SeeNews) - Jan 11, 2013 - The Federal Competition Authority (BWB) and the Federal Cartel Prosecutor approved the asset swap between German utility E.on (ETR:EOAN) and Austrian peer Verbund (WBAG:VER), news agency Austria Presse Agentur (APA) said yesterday.

The transaction, whose value was estimated at EUR 1.5 billion (USD 1.9bn) by Verbund's CEO Wolfgang Anzengruber in early December, is scheduled for closing in the second half of the first quarter of 2013.

The formal deadline for approving the deal expires today, which is why BMB is to make an official announcement on the issue on its website on Monday.

As part of the deal, E.on is to take over the Turkish assets of Verbund -- a 50% stake in Enerjisa, a joint venture (JV) founded with Turkish Sabanci-Holding. Verbund is to receive shares in eight hydroelectric power plants of German E.on on the Inn river, in which it already owns stakes of about 50%.

This is to raise the annual production capacity of the Austrian group in Bavaria by some 2 billion kWh, which equals the consumption of 600,000 households. Verbund already owns facilities with an annual capacity of 1.88 billion kWh in Bavaria.

(EUR 1.0 = USD 1.327)
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Publication:SeeNews Austria
Date:Jan 11, 2013
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