RWE Said to Seek as Much as 5 Billion Euros for Oil, Gas Unit

RWE AG, Germany’s second-largest utility, wants to raise as much as 5 billion euros ($6.5 billion) in its Dea oil unit sale, cash to be used to reduce debt, a person familiar with the matter said.

RWE decided to sell Dea as a whole, a plan announced this week, after failing to divest individual assets including a gas project in Egypt, said the person, who asked not to be identified because the process is private. The company has yet to appoint advisers, he said. It would be RWE’s biggest-ever asset sale.