E.ON sells off stake in Gazprom

E.ON has sold its stake in Russian energy giant Gazprom as part of a bid to generate £12.6bn from asset sales. The German company’s subsidiary E.ON Ruhrgas held a 3.5% […]

By Kelvin Ross

E.ON has sold its stake in Russian energy giant Gazprom as part of a bid to generate £12.6bn from asset sales.

The German company’s subsidiary E.ON Ruhrgas held a 3.5% stake in Gazprom and had already sold 0.8%. Yesterday it revealed the remaining 2.7% had been bought by Russia’s state-owned investment bank VEB.

E.On is expected to pocket around £2.1bn from the sale and the company’s chief executive Johannes Teyssen said: “The proceeds from the sale will take us a big step towards achieving our objective of generating roughly €15bn through divestments and portfolio optimization by the end of 2013.”

He added the shedding the Gazprom stake did not alter E.ON’s Russian strategy, stressing that the company would remain “an active investor in Russia in both power and gas”.

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