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Verbund Faces Competition from Russia

Published: March 20, 2012; 15:17 · (Vindobona)

The Russian energy group Inter Rao is interested in the Milan-based Sorgenia. Austrian Verbund holds 45% in Sorgenia.

Verbund Faces Competition from Russia / Picture: © Vindobona.org

According to the Milan newspaper „Corriere della Sera“, Inter Rao made an offer to enter Sorgenia. Inofficial talks are held since months. Sorgenia, which was founded in 1999, is a 45% subsidiary of Austrian Verbund. The Italian CIR has a 52% stake.

The offer made by Inter Rao is “interesting”, advisors of Verbund say. The Austrian energy company has engaged the Milan investment bank Mediobanca and Merrill Lynch.

Verbund did not comment the reports on Inter Rao. “Of course, because of its development, size and market position, Sorgenia is interesting for potential buyers. As usual, strategic options are analyzed and examined regularly. At the moment, there is no need of action of Verbund. What is more, we do not comment market rumors.” The company said.

CIR is said to be interested to get new shareholders. Whether CIR may reduce its 52% stake in Sorgenia, is not clear yet. The options of a new industrial or financial partner are discussed.

At the moment, Sorgenia´s sales amount to € 2.7bn, the capacity totals 4,000 MW. Until 2016 investments of € 1.2bn are planned. Sorgenia is the second-largest energy supplier in Italy. Recently, the company received the approval to build 14 new wind parks in Italy and France. Sorgenia´s aim is to become one of the biggest renewable energy providers of Europe.

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