RWE's oil and gas unit attracts at least three initial bids up to €5B

RWE's (RWEOY) Dea oil and gas production and exploration unit has attracted at least three initial bids valuing the business at up to €5B ($6.8B) including debt, WSJ reports.

But the German utility likely would generate much less cash than that from a deal because the overall valuation includes pension liabilities and debt of more than €700M.

The highest valuation, at ~€5B, comes from Russian billionaire Mikhail Fridman through his energy investment vehicle L1 Energy; lower bids reportedly have come from Wintershall, the oil and gas exploration unit of German chemicals giant BASF (BASFY), and a consortium of KKR and Kuwait Petroleum Corp.

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