EWE sells shareholding in VNG to EnBW
Oldenburg-based EWE Group wants to divest its shares in Leipzig-based VNG Verbundnetz Gas AG (VNG). The company is selling its 47.9 per cent stake to EnBW Energie Baden-Württemberg AG. Both companies' supervisory boards have authorised the transaction today. The transfer of the stake is still subject to certain conditions, including the consent of the VNG Annual General Meeting and the German Federal Cartel Office. The selling price was not announced. The sale of the shares is dependent on EnBW acquiring a stake in EWE. "The idea, that west- and east German muncipalities could develop VNG together, could not be successfully put into practice. That is why it does not make any sense for us to keep our shareholding", explains EWE Chief Executive Officer, Dr. Werner Brinker, as the reason for the sale. After taking VNG and the jobs at the company into account as well as the region of Central Germany, EWE made the decision to divest its shares in VNG.
Dr. Brinker remains convinced that VNG’s course which EWE always supported, was correct. "VNG is now well placed in the fields of exploration and production, which are such crucial parts of the value chain", said Brinker. EWE also took great care to fulfil its responsibilities as majority shareholder. "Our responsibility as a shareholder will continue even after we sell our shares. We went to great lengths in choosing the right company to take over our shareholding. We are convinced that EnBW will be strategically far-sighted and very responsible in its role as a shareholder", emphasised Brinker.