Essex Property (NYSE:ESS)
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5 Years : From Apr 2012 to Apr 2017
German utility RWE AG (RWE.XE) will buy Dutch peer Essent NV's 50% stake in a nuclear power plant in 2010 at the earliest, provided the court of appeal clears the way, Essent said Thursday.
RWE plans to acquire Essent's production and supply operations in a deal valued at EUR9.3 billion, including EUR1.1 billion of debt. The deal also includes the 50% stake in EPZ, a 512-megawatt nuclear reactor in Borsele, the Netherlands.
Earlier Thursday, a spokeswoman for RWE said the company has agreed to exclude the stake Essent holds in the plant, due to a provisional court injunction by a Dutch court that has prevented the closing of the deal.
It will, however, acquire Essent's production and supply operations in the third quarter of the year.
-By Maarten van Tartwijk, Dow Jones Newswires; +31-20-5715-200; email@example.com