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Oct. 12, 2015, 9:14 AM
- Shares in E.ON (OTCQX:EONGY) and RWE (OTCPK:RWEOY) surge in European trading after a government review concludes German utilities have set aside enough money to decommission their nuclear plants.
- The results remove concerns that utilities may need to raise additional funding to pay for the dismantling process as well as the storage of nuclear waste, which had led investors to sell off German utility stocks in recent weeks.
- Several brokerages, including Deutsche Bank, Credit Suisse and Societe Generale, either upgraded their ratings or target prices on the utilities.
Jan. 16, 2015, 11:02 AM
- RWE (OTCPK:RWEOY +3.5%) agrees to sell its Dea oil and gas unit to a group of Russian investors by early March for €5B ($5.81B), €100M less than previously agreed to reflect the fall in oil prices.
- U.K. authorities have been hesitant to give their approval for the deal out of concerns that potential sanctions on the Russian buyers could endanger the unit's operations in the North Sea; in the revised transaction, RWE says the Russian group would now keep Dea's U.K. activities separate from the rest of the company's business for a number of years.
- The Dea sale is part of RWE's efforts to cut its €31B debt and would be booked in 2015.
RWE AG is a German electric utilities company based in Essen, North Rhine-Westphalia. Through its various subsidiaries, the energy company supplies electricity and gas to more than 20 million electricity customers and 10 million gas customers, principally in Europe. RWE is the second largest... More
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