Energy company Essent cannot transfer economic ownership of its half of the Netherlands only nuclear power station to Germany’s RWE, a court in Arnhem ruled on Friday.
Essent and RWE came up with the plan as part of Essent’s €9.3bn takeover by RWE. According to its statutes, the Borssele plant cannot be owned by a foreign listed company.
So Essent suggested giving economic ownership to RWE while its current shareholders – local and provincial councils – would retain legal ownership of the Zeeland facility.
Power firm Delta, which owns the other half of Borssele, went to court to have the transfer stopped. It wants to take over Essent’s 50% share in the plant and refuses to amend the statutes.
A spokesman for Essent’s shareholders said they were disappointed in the ruling and wanted to discuss the next move with Delta.
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