Veolia Agrees to Sell Berlinwasser Stake in $792 Million DealVidya Root
Veolia Environnement SA, Europe’s biggest water company, agreed to sell its 24.95 percent stake in Berlinwasser to the state of Berlin for 590 million euros ($792 million) to near completion of a two-year divestment plan.
Veolia’s sale of its holding in Germany’s largest water company will be supplemented by 12 million euros for miscellaneous items, dividends and interest for the 2013 financial year, the Paris-based company said in a statement.
The divestment from Berlin’s water business is the latest part of a 6 billion-euro asset-sale program that’s now almost achieved, the utility said today. The sale is subject to European Union antitrust approval as well as Berlin Senate and Parliament approvals, said Veolia, whose shares have risen almost 35 percent the past year.