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Vienna Utility Buys $1B Stake In EVN

By  |  March 5, 2020

Vienna utility Wiener Stadtwerke GmbH agreed to buy a stake in neighboring Lower Austria’s EVN AG from Germany’s EnBW Energie Baden-Wuerttemberg AG, tightening Austrian provincial governments’ grip on the power market.

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    Wiener Stadtwerke agreed to buy EnBW’s 28% stake in EVN, subject to antitrust approvals in Germany and Austria, the municipality-owned company said in a statement Thursday. The parties agreed not to disclose the terms. Vienna becomes EVN’s second-biggest shareholder after Lower Austria, the province surrounding the capital, which owns 51%.

    EnBW is fetching more than 870 million euros ($972 million) for the stake, a premium of more than…

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