Power company Vattenfall completes sale of German coal business

Swedish state-owned power company Vattenfall said Friday it has completed the sale of its coal operations in Germany, a week after receiving approval from the EU executive.

Vattenfall in April announced it had found a buyer - a Czech consortium comprised of energy company EPH and its financial partner PPF Investments - for its coal-fired power plants and mines in the German states of Brandenburg and Saxony in the country's east.

The European Commission on September 22 concluded that "the deal would not adversely affect competition in the relevant markets."

The sale was part of the utility's move to pull out of that energy sector, amid a shift to renewable resources.

But environmental groups have criticized the sale, saying the coal should remain in the ground to avert global warming.

Under the terms of the acquisition, EPH is to take over assets, including cash, worth 15 billion kronor (1.8 billion dollars), as well as liabilities and provisions totalling 18 billion kronor.

Last update: Fri, 30/09/2016 - 16:02
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