Kelag May Buy Verbund’s 49% Stake in EKG, Kleine Zeitung Reports

Kaerntner Elektrizitaets- Aktiengesellschaft, or Kelag, may acquire Verbund AG (VER)’s 49 percent stake in Energie Klagenfurt, Kleine Zeitung reported, citing Kelag board member Hermann Egger.

While Verbund originally acquired EKG for 130 million euros ($159 million), it has written down the value of the company in its balance sheet to 80 million euros, according to the report.

RWE AG (RWE) increased its stake in Kelag last week, making it the Carinthian utility’s biggest shareholder, the Austrian newspaper said.

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