RWE To Complete DEA Disposal Very Soon


FRANKFURT, Feb 27 (Reuters) - German utility RWE said on Friday that closure of the sale of its oil and gas unit DEA to Russian tycoon Mikhail Fridman is imminent, after a media report said the date for completion will be March 1.

A spokeswoman said RWE was confident it will conclude the 5 billion euros ($5.6 billion) transaction, which involves the sale to LetterOne, an investor group led by Fridman, but would only inform the market after it had been finally carried out.

A source with direct knowledge said, "The plan is to announce the closing of the deal on Monday."

Last month, RWE already said the deal, part of an asset shedding programme, would go through by early March.

The Wall Street Journal had cited people familiar with the matter as pointing to Monday earlier.

The deal had run into difficulties against the background of the Russia-Ukraine crisis and ensuing sanctions against Russian companies and individuals.

($1 = 0.8940 euros)

(Reporting by Vera Eckert and Christoph Steitz, editing by Kirsti Knolle)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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