European Commission approves transpower takeover
05-02-2010
TenneT Holding has received on February 4 final approval from the European Commission (EC) concerning the acquisition of all shares in E.ON’s subsidiary company transpower stromübertragungs gmbh. The EC granted its approval for the proposed takeover without any conditions attached.
By the date of the announcement of the takeover (10 November 2009), TenneT had obtained all necessary approvals in order to be able to carry out the proposed transaction. The takeover has the approval of TenneT’s sole shareholder, the State of the Netherlands, represented by the Dutch Minister of Finance, and is supported by the Dutch Minister of Economic Affairs.
TenneT and E.ON are currently resolving the final details with regard to the transaction of shares. The transfer will probably occur on end of February. TenneT will then acquire ownership of transpower with retrospective effect as of 1 January. The new combination of TenneT and transpower will deliver a range of benefits, including price equalization, improved grid balancing, greater insight into grid situations, and better possibilities for sustainable development in both countries.
More information:
