Sunday 16 March 2014

Wintershall sells VNG shares to EWE

Wintershall, Germany’s largest internationally active crude oil and natural gas producer, is planning to divest its shareholding in the Eastern German company Verbundnetz Gas AG (VNG) as part of its strategy to concentrate on the upstream sector.

An agreement was reached today (March 14, 2014) that will see EWE Aktiengesellschaft take over Wintershall’s 15.79 percent share in VNG.

The transaction requires the approval of the competition authorities. It is also subject to board approvals in both companies and requires the approval of the VNG annual general meeting.

The parties agreed not to disclose the purchase price.