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ENBW ENERGIE BADEN-W▄RTTEMBERG AG

(EBK)
  Report
Real-time Estimate Tradegate  -  03:58 2022-09-29 pm EDT
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EnBW says it is pressing ahead with planned sale of TransnetBW

08/13/2022 | 07:26am EDT
FILE PHOTO: Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the company's headquarters in Karlsruhe

FRANKFURT (Reuters) - German's EnBW said on Saturday it is pressing ahead with the planned sale of high-voltage power transmission network TransnetBW, as a media report said a Stuttgart insurance company representing Baden Wuerttemberg state savings banks was among bidders.

"Preparations for the approach to the market are making good progress and we will hold the first concrete conversations in coming weeks," a spokesperson for the southwestern power utility said.

EnBW said in February it was looking into the sale of a 49.9% stake in TransnetBW to a long-term investment partner, with view to taking a decision on whether to go ahead with the move in 2022.

The spokesperson would not comment on whether Stuttgarter SV Sparkassenversicherung, which the Boersenzeitung paper had named in the context, is among the bidders.

Stuttgarter SV, which has long had holdings in other power grids, was not immediately available for comment.

Reuters reported exclusively in June that German state-owned bank KfW [KFW.ul] was considering taking a stake in TransnetBW, citing sources familiar with the matter.

The 3,100 km (1,940 mile) grid, one of four high-voltage networks in Germany, could be valued at more than 2 billion euros ($2.05 billion) as part of a potential deal, they said.

The Berlin government is keen to keep a certain degree of control over key energy infrastructure, a strategy that has become even more important with power supplies facing disruption due to the war in Ukraine.

De facto state-owned EnBW mainly supplies power and gas to Baden-Wuerttemberg, home to blue chip companies including automakers Mercedes-Benz and Porsche AG.

Sparkassen savings banks are established by law with a mandate of public service and regional development.

($1 = 0.9748 euros)

(Reporting by Tom Kaeckenhoff, writing by Vera Eckert, editing by Kirsten Donovan)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ENBW ENERGIE BADEN-WÜRTTEMBERG AG 3.34% 68 Delayed Quote.-13.42%
MERCEDES-BENZ GROUP AG -3.69% 52.43 Delayed Quote.-19.46%
PORSCHE AG 0.00% 79.5 End-of-day quote.0.00%
POWER SOLUTIONS, LTD. 2.51% 2530 Delayed Quote.8.30%
VOLKSWAGEN AG -6.85% 128.46 Delayed Quote.-22.30%
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Financials
Sales 2021 32 368 M 31 616 M 31 616 M
Net income 2021 363 M 355 M 355 M
Net Debt 2021 4 704 M 4 594 M 4 594 M
P/E ratio 2021 56,7x
Yield 2021 1,45%
Capitalization 18 418 M 17 990 M 17 990 M
EV / Sales 2020 1,20x
EV / Sales 2021 0,78x
Nbr of Employees 24 710
Free-Float 0,37%
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Frank Mastiaux Chairman-Management Board & CEO
Thomas Andreas Kusterer Chief Financial Officer
Lutz Peter Feldmann Chairman-Supervisory Board
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Dietrich Herd Deputy Chairman-Supervisory Board
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