Essent:RWE To Buy Plant Stock In '10 At Earliest If Court Approves

Date : 09/03/2009 @ 6:59AM
Source : Dow Jones News
Stock : Essex Property Trust, Inc. (ESS)
Quote : 244.47  3.03 (1.25%) @ 4:01PM

Essent:RWE To Buy Plant Stock In '10 At Earliest If Court Approves

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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; maarten.vantartwijk@dowjones.com

 
 



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