RWE: Commitments Made To EU In Essent Deal Are On German Market

Date : 06/04/2009 @ 6:30AM
Source : Dow Jones News
Stock : Essex Property Trust, Inc. (ESS)
Quote : 255.27  0.0 (0.00%) @ 4:00AM

RWE: Commitments Made To EU In Essent Deal Are On German Market

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German utility RWE AG (RWE.XE) Thursday said it has offered commitments to the European Commission regarding the planned acquisition of Dutch competitor Essent NV, saying the proposed remedies are related to competition issues on the German electricity market.

"We've made proposals regarding the German [energy] market," a spokeswoman for RWE said.

She added that RWE wasn't surprised that the European Union's top antitrust authority extended the probe of the planned Essent takeover by 10 days earlier Thursday.

"We've always considered the original deadline as rather optimistic and instead expected a decision toward the end of June," the spokeswoman said.

The commission earlier Thursday extended its antitrust probe into RWE's plan to acquire Essent for EUR9.3 billion, including EUR1.1 billion in debt, due to certain commitments offered by RWE.

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-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;


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