Key Developments: RWE AG (RWEG.DE)

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Latest Key Developments (Source: Significant Developments)

RWE AG and LetterOne Group agree on sale of RWE Dea
Sunday, 16 Mar 2014 11:38am EDT 

RWE AG:Says together with LetterOne Group agrees terms for sale of RWE Dea AG at enterprise value of ca. 5.1 billion euros and on contractual conditions.Conditions to clarify further details shortly in order to enter into sale and purchase agreement.Enterprise value includes ca. 0.6 billion euros in assumed liabilities.Transaction expected to close later this year.  Full Article

RWE AG issues FY 2014 outlook in line with analysts' estimates and to propose dividend for FY 2013
Monday, 3 Mar 2014 07:00pm EST 

RWE AG:Says difficult market conditions for conventional power stations will clearly leave their mark on consolidated financial statements for FY 2014.Says FY 2014 operating result will be far below 2013 level.FY 2013 operating result of 5.881 billion euros.Expects operating result of between 4.5 and 4.9 billion euros for FY 2014.FY 2014 operating profit estimate 4.763 billion euros - Thomson Reuters I/B/E/S.Expects recurrent net income to be within range of 1.3 to 1.5 billion euros for FY 2014.FY 2014 net income estimate 1.491 billion euros - Thomson Reuters I/B/E/S.Already decided to propose a dividend of 1.0 euro per share for FY 2013.  Full Article

Telecom Plus PLC Announces Acquisition of Electricity Plus and Gas Plus from RWE AG's Subsidiary; Firm Placing and Placing and Open Offer
Wednesday, 20 Nov 2013 02:00am EST 

Telecom Plus PLC announced that it has entered into a conditional agreement to acquire the entire issued share capital of Electricity Plus Supply Limited (Electricity Plus) and Gas Plus Supply Limited (Gas Plus) (together, the Energy Companies) from Npower Limited (Npower), a subsidiary of RWE AG, for an aggregate consideration of £218 million (the Acquisition). Cash consideration of £218 million, £196.5 million payable on completion of the Acquisition and £21.5 million deferred for three years. The Acquisition and associated expenses will be funded from a combination of the Firm Placing and the Placing and Open Offer and a drawdown of approximately £100 million from the New Debt Facilities entered into with Barclays. The Firm Placing and the Placing and Open Offer are fully underwritten by Peel Hunt and will raise approximately £130 million of gross proceeds at the Issue Price of 1475 pence per share (out of which approximately £100 million is being raised pursuant to the Firm Placing and approximately £30 million pursuant to the Placing and Open Offer). The Issue Price of 1475 pence per share represents a 2.1% discount to the closing middle market price on 19 November 2013 (being the last Business Day before the date of this announcement). The Open Offer Shares will be offered to Qualifying Shareholders on the basis of 1 Open Offer Share for every 35 Existing Ordinary Shares  Full Article

RWE AG to Issue FY 2013 Dividend; Confirms FY 2013 Forecast
Thursday, 19 Sep 2013 01:42pm EDT 

RWE AG announced that its Executive and Supervisory Boards intend to propose to the Annual General Meeting, which will take place on April 16, 2014, a fiscal year 2013 dividend of EUR 1 per common and preferred share. Previous fiscal year's 2012 dividend was EUR 2 per share. The dividend proposal for the fiscal year 2013 should be in line with a payout ratio of 40% to 50% of recurrent net income, as opposed to the previous range of 50% to 60%. Further, RWE maintains the fiscal year 2013 earnings forecast with EBITDA of approximately EUR 9 billion, an operating result of approximately EUR 5.9 billion and recurrent net income of approximately EUR 2.4 billion.  Full Article

Gazprom OAO to Return $1.5 Billion in Retroactive Payments to RWE AG's RWE Supply & Trading CZ-Interfax
Wednesday, 18 Sep 2013 06:15am EDT 

Interfax reported that arbitration has ruled that Gazprom OAO (Gazprom) is due to refund $1.5 billion in retroactive payments to RWE AG's (RWE) RWE Supply & Trading CZ, Gazprom said in a Eurobond memorandum. This is the first time Gazprom has officially unveiled the amount of retroactive payments, which related to prices for gas supplies dating back to May 2010. Gazprom said it had provisioned 113 billion ($3.5 billion) for possible payments to RWE.  Full Article

Court Upholds Ruling on Gazprom OAO's Take-or-Pay Claim against RWE AG's RWE Transgas-Interfax
Monday, 15 Jul 2013 08:55am EDT 

Interfax reported that the Vienna Commercial Court has upheld a ruling by an international arbitration tribunal in Vienna in October 2012 concerning a claim filed by LLC Gazprom Export against RWE AG's RWE Transgas related to take-or-pay obligations in gas supplies to the Czech Republic, Gazprom OAO said in a Eurobond prospectus. Gazprom OAO will appeal the ruling with a higher jurisdiction, the Higher Provincial Court in Vienna.  Full Article

RWE AG Talks To Sell Upstream Oil, Gas Unit Dea Haven't Started-DJ
Wednesday, 12 Jun 2013 09:50am EDT 

Dow Jones reported that RWE AG continues to sound out market interest in its oil and gas production unit RWE Dea with the aim of selling the entire business, which analysts have said could be worth up to around 5.8 billion. The sale is part of a broader effort to reduce debt and strengthen the utility's balance sheet as muted energy demand in Europe erodes the price it can charge for its electricity.  Full Article

OMV AG Buys RWE AG's Stake In Nabucco Gas Pipeline Project-Reuters
Sunday, 14 Apr 2013 07:01am EDT 

Reuters reported that OMV AG has bought German utility RWE AG's nearly 17% stake in the Nabucco pipeline project that aims to bring Caspian gas to Europe. An OMV spokesman confirmed media reports about the sale but gave no financial details. RWE also confirmed the stake was transferred on March 1 but gave no price or other details. OMV Chief Executive Gerhard Roiss had said in December that talks with RWE on a sale were under way. Both companies own 16.67% stakes in the project. A decision on which pipeline project will get the contract of delivering Azeri gas to Europe is due within months. Nabucco is competeing against the Trans Adriatic Pipeline group. RWE had said in May it was reviewing the Nabucco project. OMV and its partners have proposed a scaled-down version of the project called Nabucco West that would run from Turkey's western border to Austria. Nabucco West foresees the construction of a 1,300 km pipeline from the Bulgarian/Turkish border to Austria.  Full Article

Investors hope RWE's Gulf dream offers cash or new markets

FRANKFURT/DUESSELDORF, March 27 - Working with a deep-pocketed Gulf backer could be just what RWE boss Peter Terium needs to restore shareholder confidence and escape budget constraints that have plagued Germany's top power producer.

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