Vattenfall buys German utility

3 November 2002

Vattenfall has completed its takeover of Hamburg power company HEW, the joint operator of four German nuclear plants: Brokdorf, Brunsbüttel, Krümmel and Stade.

A joint statement by the two companies said that Vattenfall will buy the German power company for E869 million, taking its total stake in the company to 98.8%.

Vattenfall first acquired a 25.1% stake in HEW in November 1999, and subsequently bought further shares from Sydkraft, E.ON, institutional and private investors to extend its holding to the current level of 73.8%. The Swedish company plans to launch a new holding, Vattenfall Europe, early in 2003, which will bring together German power producers HEW, Bewag, Veag and Laubag.

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