E.On stops sale of waste-burning unit
FRANKFURT, June 29 |
FRANKFURT, June 29 (Reuters) - German utility E.On has halted the sale of its waste-burning unit, Energy from Waste, after receiving bids for the company.
"Currently no sale is under way," an E.On spokesman said on Friday.
"As before, we're not under any time pressure," he added.
The sale of the waste-burning unit was part of E.On's 15 billion euro ($19 billion) disposal programme to streamline its activities as the group struggles to cope with Germany's decision to stop nuclear power production by 2022.
On Monday, a source familiar with the sale process said German utility MVV had submitted a bid of more than 800 million euros for the unit.
Other groups had been preparing bids, including Morgan Stanley Infrastructure, Swedish private equity group EQT and Singapore-based SembCorp, sources had told Reuters.
Banking sources had previously described the sale as difficult and said E.On would probably call off the sale rather than accept a bid it considered too low.
Separately, E.On said on Friday that it had completed the sale of its Bulgarian subsidiary to Czech energy supplier Energo-Pro, but did not give financial details.
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