Vattenfall makes EUR 8.5 bn bid for Nuon

Feb 23, 2009 01:00 AM

Swedish utility Vattenfall has agreed to buy 49 % of the shares in Dutch peer Nuon and to buy the remaining stake in the coming six years, the two firms said in a joint statement.
"Vattenfall has made an all cash offer of EUR 8.5 bn ($ 10.98 bn) enterprise value for 100 % of the shares, equalling EUR 10.3 bn for the equity of Nuon's production and supply company after 2008 dividends," Vattenfall said. It said Nuon's grid company Alliander was not included in this transaction.

The transaction is subject to the approval of at least 80 % of the shareholders. The partners have agreed that Vattenfall acquires initially 49 % of the shares. The remaining 51 % of the shares will be acquired in the coming six years under fixed terms.
During these years the Nuon shareholders will have Supervisory Board representation and receive a fixed dividend per year.

Both companies said they recognise and respect the regulatory aspects that are associated with the transaction including the finalisation of the process around the unbundling plan of Nuon by the Dutch Ministry of Economic Affairs. Also, the partnership requires merger control clearance by the European Commission.
Nuon and Vattenfall expect to complete the closing of this transaction in the second quarter of 2009. The financing of the initial 49 % of the shares will be funded through a committed debt financing of EUR 5 bn with nine banks and freely available cash reserves.

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