Germany's E.ON Puts North Sea, Algeria Assets on the Block

Germany's E.ON Puts North Sea, Algeria Assets on the Block
German utility E.ON wants to sell its North Sea and Algerian oil and gas assets, according to several banking sources, and hopes to raise around $2 billion as it restructures.

Reuters

LONDON, June 23 (Reuters) - German utility E.ON wants to sell its North Sea and Algerian oil and gas assets, hoping to raise around $2 billion as it restructures, several banking sources said.

The move adds to the rising number of North Sea assets on the market as a result of lower oil prices, but with few deals being concluded.

E.ON has given several prospective buyers access to data on its international exploration and production assets ahead of the official launch of the sale mandate which is expected in the coming weeks, bankers and industry sources said.

Bank of America Merrill Lynch is arranging the sale process, which will be held through an auction, according to the sources.

"E.ON has opened up data rooms for its North Sea and Algerian assets," one source said.

E.ON declined to comment on the launch of the sale process saying that it has placed its North Sea exploration and production (E&P) business under strategic review.

"The review is ongoing and will consider the future options for the business including, for example, a sale of the business," a spokesman said.


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