EU Extends RWE/Essent Energy Deal Antitrust Probe By 10 Days

Date : 06/04/2009 @ 5:55AM
Source : Dow Jones News
Stock : Essex Property Trust, Inc. (ESS)
Quote : 256.3  0.01 (0.00%) @ 4:00PM

EU Extends RWE/Essent Energy Deal Antitrust Probe By 10 Days

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The European Commission Thursday extended its antitrust probe into German utility RWE AG'a (RWE.XE) plans to take over Dutch energy company Essent NV by 10 working days, due to commitments offered by RWE.

The new deadline for the commission to clear the deal by has now been set for June 23. The commission wouldn't say what commitments had been offered by the German utility, but these often include divestments in the areas of overlaps to remove competition concerns.

RWE wants to buy Essent's production and supply operations in a deal valued at EUR9.3 billion, including EUR1.1 billion in debt. Essent's electricity and gas distribution networks and waste management operations are excluded from the deal.

By Peppi Kiviniemi and Carolyn Henson, Dow Jones Newswires; +32 2 741 1 480; carolyn.henson@dowjones.com (Maarten Van Tartwijk in Amsterdam contributed to this article)

 
 

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