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Vattenfall involved in two energy deals

Vattenfall has sold part of its stake in both Poland and Germany.

29 November 2011

The Polish competition watchdog UOKIK has given the state-controlled PGNiG permission to acquire Vattenfall for 2.96 billion Polish zlotys (£562 million).

Having completed antitrust proceedings, the supervisory body has said it is confident the deal will not threaten competition for consumers.

Once the process has been formalised and business negotiations ratified, PGNiG will have a 98.84 per cent stake in Vattenfall Poland Heat.

It comes after Vattenfall secured a deal with the City of Hamburg that will see it distribute electricity as partners.

Tuomo Hatakka, head of business division production and Vattenfall's country manager for Germany, said the partnership will allow it to make a "positive contribution to the further development of the German energy industry at a time of radical policy change".

Under the terms of the arrangement, the City of Hamburg will take on a 25.1 per cent share in the electricity producer, which has been priced at €463 million (£398 million).

Posted by Ron Maverick

Source: UOKIK press release, Vattenfall press release, November 29th

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