November 27, 2019 / 8:43 PM / 16 days ago

German city Duesseldorf sells stake in RWE

BERLIN (Reuters) - The German city of Duesseldorf has sold its stake in utility RWE (RWEG.DE) for 155.4 million euros ($171.28 million), it said on Wednesday.

Duesseldorf said it made a profit of 53.3 million euros on the sale of 5.571 million shares, which would be used to compensate for the losses of its Rheinbahn public transport network, improving the city’s finances.

The shares sold represent less than 1% of RWE’s almost 615 million outstanding stock.

Since it was founded in 1898, RWE has been deeply rooted in Germany’s Ruhr industrial heartland, relying on local support for its power and gas supply business, which is an important provider of jobs in the region.

Other local municipalities hold bigger stakes in the firm, including the city of Dortmund, on almost 6%, and Essen, on 3%, according to Refinitiv data.

Reporting by Emma Thomasson; Editing by Leslie Adler

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