Swedish Vattenfall cancels the sale of Germany’s Gasag

10/05/2010 11:35 Natural Gas

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Swedish utility Vattenfall and German peer E.ON announced that they cancel the sale process of their joined participation in Gasag, the eastern German gas supplier, as consequence of its weak bid.

German daily Berliner Zeitung said that these companies would like to gain 800 million Euros ($1.1 billion) for the 69% share owned by them. According to Reuters, the last bids for Gasag were estimated at 725 million Euros, excluding its dept. In this business areas were interested companies such as Thuega, a German municipal-utility and GDF Suez, a French utility. The last one is ready to buy E.ON's 37% share in order to increase its participation to a majority.

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