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German government to sell stake in energy giant RWE to Russian billionaire - Daily News Egypt

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German government to sell stake in energy giant RWE to Russian billionaire

Winner of the RWE bid is the second richest man in Russia

The German government recently agreed to sell RWE subsidiary gas and crude oil unit DEA to Russian investor Mikhail Fridman, according to an RWE official.

The German government announced that it was considering selling RWE’s stake in the research and gas and oil production sector globally for €5.1bn or $6.9bn to a group of investors led by Russian businessman Mikhail Fridman.

The announcement for the sale transaction was made last March and was then offered for open bidding among companies. Fridman was chosen as the highest bidder, according to the official.

Fridman is the second richest man in Russia, and his investment partners have acquired stakes in approximately 190 oil and gas concessions in Europe, the Middle East and North Africa.

RWE has signed a preliminary agreement with the company approving the sale transaction, and the deal is expected to be completed throughout the coming year, the official said.

RWE acquired ownership of shares in concession areas in Egypt affiliated with Suez Oil Company (SUCO) in November 2002.

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