EDF to divest its stake in Graninge AB
EDF to divest its stake in Graninge AB EDF and Sydkraft AB, a subsidiary of the E.ON Group, have today signed an agreement regarding the sale of the 36.3% stake in the capital of Graninge AB currently owned by EDF through its subsidiaries EDF International S.A. (20.0%) and Skandrenkraft AB (16.3%) The total cash consideration is SEK 4,850 million or SEK 210 per Graninge share, equivalent to approximately EUR 524.4 million or EUR 21.73 per share. The completion of the transaction is expected to take eight to ten weeks in accordance with the terms of the agreement and is subject to approval by the European Commission under its merger control regulations. François Roussely, Chairman of the Board of EDF stated : "This transaction is a significant step in the re-focusing of EDF's international business strategy and activities. The transaction is a part of EDF Group's effort to reduce its indebtedness." Following the closing of the transaction, the E.ON Group, including Sydkraft, will own approximately 73% of Graninge. Sydkraft announced today that it intends to launch a public offer in Sweden for all remaining shares of Graninge following the closing of its acquisition of EDF's shares. Graninge AB is active in the generation, distribution and sale of electricity and the production, distribution and sale of district heating. It is the fourth largest producer of electricity in Sweden, with a total capacity of 826 MW and annual production of 4 TWh. Graninge's distribution network serves 238,000 customers, while annual deliveries of district heating amount to 1.5 TWh. The company is listed on the Stockholm Stock Exchange and has a free float of approximately 10%. In 2002, Graninge generated sales of SEK 3,391 million (371 M), EBITDA of SEK 1,106 million (121 M). Sydkraft AB generates, distributes and supplies electricity, district heat and natural gas. It is Sweden's second largest electric utility. Sydkraft is 55% owned by E.ON Energie AG and 45% owned by Statkraft SF. In 2002, it generated revenues of SEK 19.4 billion (2,123 M), and EBITDA of SEK 6.4 billion (700 M). PRESS CONTACT Myriam Doumbouya : telephone +33 1 40 42 53 21 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/08/14/20030814BIT00270/wkr0001.doc http://www.waymaker.net/bitonline/2003/08/14/20030814BIT00270/wkr0002.pdf