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Baden-Wuerttemberg Starts Arbitration Process Over EnBW Price

Feb. 16 (Bloomberg) -- EnBW Energie Baden-Wuerttemberg AG’s main shareholder has started arbitration proceedings at the Paris-based International Chamber of Commerce to determine if it paid a market price for the stake it acquired from Electricite de France SA.

The state of Baden-Wuerttemberg filed for arbitration amid doubts that the 4.7 billion euros ($6.2 billion) paid for the 45 percent stake in EnBW was justified, Frank Kupferschmidt, a spokesman for Baden-Wuerttemberg’s finance ministry, said by telephone today. Carole Trivi, a spokeswoman for EDF in Paris, declined to comment.

EDF, Europe’s biggest power generator, sold the stake in the utility on Dec. 6, 2010. The state of Baden-Wuerttemberg offered 41.50 euros a share, representing a 19 percent premium on the share price at the time. Failure to pay a market-value for the shares would constitute a breach of European state-aid rules, the ministry said in a statement today.

To contact the reporter on this story: Stefan Nicola in Berlin at

To contact the editor responsible for this story: Reed Landberg at

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