RWE AG To Sell Oil And Gas Exploration Unit To Cut Debt; Reaffirms FY 2013 EBITDA Outlook-Reuters

Tuesday, 5 Mar 2013 03:36am EST 

Reuters reported that RWE AG has put its oil and gas exploration unit up for sale in a move that could raise about EUR4.6 billion ($6 billion) for its drive to cut debt. RWE had previously said it only wanted to sell parts of the unit, called DEA, which accounted for 23% of the group's operating profit in 2012. RWE initially planned to sell assets worth up to EUR7 billion by the end of this year, but the group said on Tuesday this would likely take longer because it could not get adequate prices for its assets. The Company keeps fiscal 2013 EBITDA outlook of about EUR9 billion. 

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