New Investors for EnBW?

The Green/Social Democrat government of the state of Baden-Württemberg is looking for new investors for EnBW AG, the magazine Manager Magazin and other publications report.

Baden-Württemberg holds a 46,55% stake in EnBW. Manager Magazin quotes State Premier Winfried Kretschmann (Alliance ’90/The Greens) as saying new investors could be municipal utilities or foreign investors. At any rate it had to be a cooperation with partners that brought fresh capital and new impetus to the company. He wanted EnBW to invest heavily in projects compatible with the energy shift towards a renewable energy supply, Mr Kretschmann allegedly said.  There was, however, no need to hurry, since an increase in the share capital would not be decided about before April 2012.

The other major shareholder of EnBW AG is Zweckverband Oberschwäbische Elektrizitätswerke (OEW), a consortium of municipalities in southern Baden-Württemberg. OEW also holds a stake of 46.55%. In the OEW, the opposition Christian Democrats (CDU), which rule in many of the municipalities and administrative districts in Baden-Württemberg, plays an important role. OEW announced this Monday that it was in favour of an increase of the share capital. The financial internet portal Finanznachten quotes the chairman as saying, he had received feedback by State Premier Kretschmann that the state was considering the matter. If necessary OEW would also support a capital increase alone, but had not further considered this option.

The state of Baden-Württemberg acquired a 45.01% share in EnBW AG in December 2010 under the then ruling CDU/FDP government. The State Constitutional Court of Baden-Württemberg recently ruled that the acquisition violated the State Constitution.

Source: Manager Magazin

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