RWE: Dutch Province N Brabant Officially Approved Essent Bid

Date : 05/27/2009 @ 7:41AM
Source : Dow Jones News
Stock : Essex Property Trust, Inc. (ESS)
Quote : 234.25  -1.24 (-0.53%) @ 4:00PM

RWE: Dutch Province N Brabant Officially Approved Essent Bid

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RWE AG (RWE.XE) said Wednesday the Dutch province of North Brabant, the largest single shareholder in Essent NV, has offically accepted the German utility's offer for its Dutch peer.

A spokeswoman for Germany's largest power producer by generation capacity said the approval by North Brabant raises the tender rate to above 80% of Essent's outstanding equity capital, which was one of the key conditions RWE has set for the offer.

In January, RWE announced its plan to acquire Essent for EUR9.3 billion, which includes around EUR1.1 billion in debt.

Company Web site: www.rwe.com

-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503; jan.hromadko@dowjones.com

 
 



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