German utility EnBW plans sale of MVV stake - report

FRANKFURT Mon Feb 4, 2013 2:26am EST

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FRANKFURT Feb 4 (Reuters) - The new chief executive of German utility EnBW is planning to sell off the company's stake in MVV Energie AG as part of a new strategy to be announced next week, a German paper reported on Monday.

Frank Mastiaux is planning to free up cash for the company through disposals, Handelsblatt reported, citing industry sources, and has appointed Commerzbank to find a buyer for its 15.1 percent stake in MVV.

Commerzbank is also seeking a buyer for a further 7 percent in MVV for which EnBW has right of first refusal and for a 6.3 percent stake owned by GDF Suez, the paper said.

EnBW was not immediately available for comment. (Reporting by Christoph Steitz; Writing by Victoria Bryan; Editing by David Holmes)

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