Vattenfall to take over Nuon for €8.5bn

Sweden’s state-owned power company Vattenfall is to take a 49% stake in the second-biggest Dutch energy company Nuon but will expand its interest to full ownership over six years.

In total, Vattenfall is bidding €8.5bn for the Dutch firm.
In a statement, Nuon said the 49% will give Vattenfall operational control of Nuon. The aim of the phased full takeover is to show ‘joint commitment to the public interest’ and ‘guaranteeing Nuon’s Dutch identity’.
The takeover has been unanimously approved by Nuon’s supervisory board and the deal should be finalised by the end of the second quarter of this year, the statement said. The deal will create the European market leader in wind farms at sea.
Wind farms
Nuon’s network company Alliander is not part of the takeover.
Nuon’s CEO Øystein Løseth said that together Vattenfall and Nuon will have ‘sufficient economies of scale’ to deliver trustworthy, affordable and clean energy.
‘Vattenfall has a pioneer’s role in the environmental discussion and is an important link in combatting climate change,’ Løseth said. ‘The partnership will give an impulse to Nuon’s investment programme in new, sustainable production and innovative energy technologies.’
In order to go through, at least 80% of Nuon’s shareholders must approve the deal.
Nuon is owned by the provinces of Gelderland and Friesland and Amsterdam city council as well as a number of smaller local authorities.
Earlier this year the biggest Dutch power firm Essent said it was to be taken over by Germany’s RWE for €9bn.

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