May 14, 2020 / 9:13 AM / 14 days ago

RWE CFO says Norway's move to drop stake questionable

FRANKFURT (Reuters) - RWE finance chief Markus Krebber on Thursday said he was disappointed by the criteria for Norway’s decision to pull out of the German utility, adding that he did not expect other investors to make similar decisions.

On Wednesday, Norway’s $1 trillion wealth fund excluded some of the world’s biggest commodities firms from its portfolio for their use and production of coal, including RWE, which is also Europe’s third-largest renewable player.

Talking to journalists after reporting a 19% rise in first-quarter core earnings, Krebber said that while he found the fund’s decision “questionable”, there was no impact on the company’s shares.

He said Norway’s stake in RWE had been around 0.6%.

Reporting by Christoph Steitz and Vera Eckert; Editing by Michelle Martin

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