Nov 09 2010 |
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Adia eyes £3.5bn E.ON assets
Consortium includes Canada Pension Fund and MacquarieA consortium led by Abu Dhabi Investment Authority ( Adia ) will buy UK assets of Germany's E.ON, is one of the world's largest investor- owned power and gas companies, in a 3.5 billion pound deal.
The other consortium members include Canada Pension Fund and Macquarie to buy E.ON's distribution network in the United Kingdom.
A successful sale would mean Britain's two biggest distribution networks will have changed hands in recent months. EDF, the French state-controlled group, sold its business to Li Ka Shing, the richest man in Hong Kong, for a higher than expected £5.8bn, daily Telegraph reported on Monday.
E.ON has been cutting costs and selling assets to reduce debt levels. Johannes Teyssen, E.ON's chief executive, is expected to announce further sell-offs when he releases details of a strategic plan and debt reduction programme on Wednesday.
© Emirates 24|7 2010
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