European Union clearance subject to sale of retail activities Nuon Germany
Jun 22, 2009 | Amsterdam Green light from European competition authority for Nuon and Vattenfall
The European competition authority has cleared the sale of Nuon shares to Vattenfall, on condition that retail activities of Nuon Germany will be divested. Nuon Germany has 275,000 electricity customers and 35,000 gas customers, notably in the German cities of Hamburg and Berlin.
The business unit Nuon Germany will continue to exist, offering the same products and services under the existing labels such as 'lekker Strom' and 'wakker Gas'. Customers’ contract conditions will therefore remain unchanged. The organisation will initially stay intact with the same employees. A different shareholder will be sought for the organisation. During the period prior to the sale, Nuon Germany will operate at arms length.
The clearance is an important condition for completing the proposed merger of Nuon and Vattenfall that the two companies announced on 23 February this year. A majority of Nuon shareholders decided at the shareholders’ meeting of 17 June that they are willing to sell their shares in Nuon’s production and supply company to Vattenfall. Earlier the Minister of Economic Affairs had already agreed to the unbundling plan. Nuon expects to complete the transaction with Vattenfall on the 1st of July.
About Nuon
Nuon is an ambitious energy company, serving more than three million consumers and organisations with over 10,000 employees in the Netherlands, Belgium and Germany. Nuon produces, transports and delivers electricity, gas, heating and cooling, and engages in energy trading in the major international markets. Nuon also supplies additional services and technological innovations to businesses and consumers. In doing so, Nuon aims to provide a reliable, sustainable and affordable energy supply.
With a turnover of EUR 6.1 billion in 2008, Nuon occupies a prominent position in the Dutch energy market. The shares are held by local and regional authorities.
Effective 1 July 2008, Nuon was split into a network company and a production and supply company. The two companies now operate independently under a financial holding company and a joint Board of Directors and Supervisory Board.