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The Gap Partnership

VEB enters sales negotiations with E.ON

Sales negotiations have begun between a Russian development bank and energy provider E.ON.

02 December 2010

Sales negotiations between a Russian development bank and a stakeholder in an international gas producer have opened up.

VEB, the eastern European financial centre, has begun talks with E.ON AG, Ekaterina Karasina - a spokeswoman from the former - confirmed to Bloomberg.

If the deals are concluded, VEB will purchase the energy provider's $4.7 billion (£3 billion) stake in OAO Gazprom.

The news comes after E.ON's Ruhrgas unit reduced its stake from 6.5 percent in exchange for 25 per cent minus three shares in a unit working on the development of the Yuzhno-Russkoye gas field in western Siberia last year.

Bloomberg claims that altogether, E.ON is aiming to raise its asset sales to $19.6 billion by the end of 2013.

Meanwhile, Central European Distribution Corp - the Polish vodka maker - has secured the global branding rights for Kauffman Vodka following protracted business negotiations and will pay Whitehall Group - the Russian spirits supplier - $91.5 million for the remaining 20 per cent stake.

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