Energy: Two German companies aim to sell their combined 38% stake in Luxembourg energy firm Enovos by the end of the year.
A pair of German firms aim to dispose of their stakes in Luxembourg energy utility Enovos within the next eight months, but the Grand Duchy will remain majority shareholder, according to a senior official.
“Both shareholders RWE and E.ON intend to close the operation [by] the end of the current year,” Marco Hoffmann, chair of the Enovos board of directors, told Delano.
Deputy prime minister and economy minister Étienne Schneider “recently stated in public that it is his intention [that] the public shareholders in Enovos International would get a majority shareholding in the company,” said Hoffmann, who is also a senior civil servant in the economy ministry.
The Grand Duchy currently holds 35% of the utility directly and via state-run investment fund SNCI, while the City of Luxembourg owns 8%. Ardian, formerly AXA Private Equity, owns 24% and French utility GDF Suez has a 5% share in Enovos.
At the same time, Hoffmann said both German companies were free to arrange “direct transactions, but I have no information on any potential buyer”.
He also confirmed that Enovos International shares would not be floated on the stock market.
The company’s latest annual report stated that the firm generated and delivered electricity and natural gas to more than 300,000 users in Luxembourg, Belgium, France, Germany and Italy.