Agreement on sale of Norwegian companies finalised
Agreement on sale of Norwegian companies finalised Vattenfall AB has finalised an agreement on the sale of its wholly-owned subsidiary Oslo Energi, as well as other wholly and partly-owned companies in Norway, to the Norwegian power group Hafslund ASA in accordance with the agreement that was presented on 13 July. Payment will comprise the transfer of loans, cash payments and shares in Hafslund representing approximately 5.8 per cent of the share capital of the expanded Hafslund Group. The deal is part of the structural transformation of the Norwegian power market and will lead to considerable synergies on both the income side and the cost side. It will also strengthen the focus of Vattenfall's resources on Sweden, Finland, Germany and Poland, in line with the Group's strategy. Vattenfall will retain an independent presence on the Norwegian market even after the sale of Oslo Energi. Apart from its part-ownership of Hafslund, Vattenfall has agreements with Norwegian industrial companies that comprise a total order portfolio of approximately 56 TWh, and the company also sells other services in Norway. A precondition for the deal is that it is approved by Hafslund's AGM, which is planned for the end of the year. Issued by Vattenfall's Press Office, telephone +46 8 739 50 10. For further information please contact: Mats Fagerlund, Vice President, Corporate Legal Affairs and M&A, Vattenfall, telephone +46-8-739 76 42, +46-70-539 76 42. Vattenfall's vision is to be a leading European energy company. The Nordic region, Poland and Germany are its domestic markets. Today, Vattenfall generates power and supplies energy solutions to several million customers in the Nordic region and northern Europe. The largest electricity customers are industrial plants and energy companies. Vattenfall's main products are electricity, heat and natural gas, as well as network, consulting and maintenance services. The Group's net sales in 2001 are calculated to around SEK 70 billion. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/05/20040817BIT21730/wkr0001.pdf