Successful partnership in north-west Germany
EWE acquires 100 per cent of shares minus one in Bremen company swb
Oldenburg/Bremen, Germany, 21 October 2009. EWE AG increases its participation in swb AG, Bremen, to 100 per cent minus one share. Today, 21 October 2009, the city of Bremen transferred to EWE its almost 51 per cent share, which it in turn had acquired from Deutsche Essent GmbH. One share remains with Bremer Verkehrsgesellschaft mbH, a subsidiary of the city of Bremen.
In connection with the long-term syndication and cooperation agreements signed at the same time, the interests of Bremen and swb were secured in the areas of energy, economy and local politics. In addition, the Free and Hanseatic City of Bremen guaranteed its continued influential position by retaining one share.
Besides gaining approval from the German Federal Cartel Office, one of the conditions for the transfer of the shares was the merger of Essent with RWE AG. This transaction was completed on 30 September 2009.
EWE's Chief Executive Officer, Dr. Werner Brinker, sees the partnership as advantageous for the region: "Expertise and value creation will be kept in the Bremen-Oldenburg region through this partnership. Moreover, swb is a perfect match for EWE since, as well as producing its own electricity, it also has experience in the areas of wastewater and district heating and in the establishing and operation of urban infrastructures. As for EWE, it brings competence in regional utility provision, in the area of gas storage and in the use of renewable energies to the partnership."
Dr. Willem Schoeber, CEO of swb AG said, "I am delighted that the sales process has finally been concluded and that we can now tackle the outstanding issues together. I am looking forward to an intensive and constructive cooperation with my colleagues at EWE and to many joint successes in the future."
A close collaboration on the topics of energy trading, conventional energy production and the use of renewable energies is planned initially. Possible joint projects will be defined in the next few months.