Increase in EnBW stake has no implications for MVV Energie
EnBW executes purchase of MVV Energie shares previously held by Barclays Bank - No implications for Mannheim-based energy company
Two years ago, it became known that Barclays Bank had held shares in the Mannheim-based energy company MVV Energie on behalf of the Karlsruhe-based energy group EnBW since 2007. EnBW has now disclosed its formal acquisition of this 7.43 percent stake. This was announced by MVV Energie in a statutory notification pursuant to German Securities Trading Act (WpHG) on Friday. In an initial statement, MVV Energie pointed out that EnBW had merely formally executed the rights of access acquired via a swap transaction. This development has no implications for MVV Energie's business alignment or for its operating business.
EnBW has held a 15.05 percent stake in the Mannheim energy group since 2004 already. It took over this stake from the then Ruhrgas AG upon the e.on/Ruhrgas merger. EnBW's shareholding has now risen to 22.48 percent. EnBW is not represented on MVV Energie's Supervisory Board, neither does it exert any entrepreneurial influence via its participation, which is of a purely financial nature.
As the majority shareholder in MVV Energie, the City of Mannheim has in the past - also upon the transaction between Barclays and EnBW becoming known in spring 2012 - repeatedly affirmed that it will retain its majority position at MVV Energie in the long term.