German utility RWE (RWEOY.PK) says it will sell its oil and gas exploration and production business, which could raise close to €5B ($6.5B) in its drive to cut debt. The move comes as it reports a 28% drop in net profit for 2012, weighed by writedowns on the value of its power plants in Europe, and warns its earnings will remain under intense pressure in the years to come.
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