Archive for the 'M&A' Category

Euromoney’s Expert Guide for Energy 2016

I am happy to report that Euromoney included me in their new 2016 list of top legal practitioners advising on energy law. Continue reading ‘Euromoney’s Expert Guide for Energy 2016′

Supervisory Board Appoves New Leaner RWE with More Powers at Headquarters

Yesterday the supervisory board of RWE approved continued corporate restructuring to respond to “the massive transformation of the energy market in recent years, and in RWE’s core markets in particular”. To streamline operations the RWE AG holding company will be transformed effective 1 January 2017 into an operating company with which several German RWE subsidiaries shall be merged.

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Who’s Who Legal Energy 2015: Recognition as Leading Practitioner

Who’s Who Legal in July published its annual list of the world’s leading practitioners in the energy area for 2015. I am happy to report that I was again included in this list.

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E.ON 2.0: Uniper in Düsseldorf and New E.ON in Essen

As of 1 January 2016 E.ON spin-off Uniper will start operations at the current E.ON headquarters in Düsseldorf managed by long-term E.ON manager and CFO Klaus Schäfer. The new company will encompass conventional power generation, energy trading, and exploration and production. E.ON CEO Johannes Teyssen will continue to head the company that wants to focus on renewables, energy networks, and customer solutions. Michael Sen, currently CFO of Siemens Healthcare, will become E.ON’s CFO effective June 1, 2015. Headquarters will be in Essen.

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E.ON to Spin off Conventional Power and Other Activities and Focus on Renewables, Distribution Networks and Customer Solutions

In an effort to “respond to dramatically altered global energy markets, technical innovation, and more diverse customer expectations” E.ON SE announced yesterday that it wants to “focus on renewables, distribution networks, and customer solutions and combine its conventional generation, global energy trading, and exploration and production businesses in a new, independent company” (“New Company”), the majority of which shall be spun off to shareholders. It appears as if nuclear power shall also be spun off into the the New Company

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Commission Clears Acquisition of German and Dutch Gas Supply and Storage Joint Ventures by Gazprom

Applying the EU Merger Regulation, the European Commission has cleared a proposed acquisition of (i) joint control over WINZ and Wintershall Services of the Netherlands and (ii) sole control over Wingas and WIEH of Germany by the Russian energy company Gazprom, saying it had no competition concerns. The acquisitions by Gazprom are part of an asset swap between BASF SE and Gazprom aimed at expanding BASF’s production of oil and gas in Russia and Gazprom’s gas trading and storage business in Europe.

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Mitsubishi Investment in Tennet’s German Offshore Grid Connection Projects

TenneT reported a partnership with Mitsubishi Corporation for the investment into four of Tennet’s German offshore high-voltage cable projects. This covers a contract regarding the BorWin1 and BorWin2 projects and another contract concerning the HelWin2 and DolWin2 projects. Mitsubihi’s voting interest will be 49% in return for an aggregate maximum equity commitment of EUR 240 million for the first two projects and EUR 336 million for the other two projects (EUR 576 million in total).

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German Cartel Office Still Cautious with Market Definition in Gas Market, But Clears Merger of Regional Gas Supplier ESW Gas

A decision (ref. no. B8 124/11) taken by the German Cartel Office in March, clearing the merger of  ESW GasVertrieb GmbH (ESW Gas) with Energie Südwest AG (ESW AG), is now available online. The decision was taken following a review by the Cartel Office, as the majority shareholder of ESW AG is Enovos Deutschland AG (Enovos), the established transnational gas supplier in the German state of Saarland, southern Rhineland-Palatinate and Luxembourg, which was formed by a merger of Saar Ferngas and two electricity and gas companies from Luxembourg.

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Offshore Challenges: Gode Wind II

The sale of the Gode Wind II offshore wind farm by PNE Wind AG to Hyssing Vermögensverwaltungsgesellschaft mbH, held by the Danish company Brancor Capital Partners APS, did not go through, PNE announced.

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Federal Cartel Office Clears 24% RWE Stake in Stadtwerke Unna

RWE AG (RWE) has been granted clearance for its 24% stake in the municipal utility Stadtwerke Unna GmbH (SWU) by the Bundeskartellamt (German Federal Cartel Office), following a detailed examination pursuant to the merger control regulations of the German Act against Restraints on Competition (GWB). Bundeskartellamt held that the merger did not reinforce RWE’s position in the electricity markets.

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