EnBW buys Engie's stake in German local utility MVV Energie (updated)

MVV Energie AG

16/03/2017 09:35

(Adds value of stake, shares) 
    FRANKFURT, March 16 (Reuters) - German utility EnBW 
 EBKG.DE  on Thursday said it struck a deal to buy a 6.28 
percent stake in local peer MVV Energie  MVVGn.DE  from French 
energy group Engie  ENGIE.PA , which is worth 91 million euros 
($97 million) based on MVV's current market value. 
    The purchase of the stake increases EnBW's holding in MVV to 
28.76 percent, which means it remains the group's second-largest 
shareholder after the German city of Mannheim, which hold 50.1 
percent in the group. 
    The parties decided not to disclose a purchase price, EnBW 
said in a statement, adding the transaction was still subject to 
antitrust authorities. 
    Thinly-traded shares in MVV Energie, whose shareholders also 
include local utility RheinEnergie  RHEI.UL  were up 1.2 percent 
following the news. They have gained more than 5 percent so far 
this year. 
    ($1 = 0.9337 euros) 
 
 (Reporting by Christoph Steitz; Editing by Maria Sheahan) 
 ((christoph.steitz@thomsonreuters.com; +49 69 7565 1269; 
Reuters Messaging: 
christoph.steitz.thomsonreuters.com@reuters.net)) 
 
Keywords: MVV ENERGIE M&A/ENBW ENERGIE