THE TELEGRAPH. The German power giant is to sell its oil and gas unit to a Russian billionaire in a £4bn deal.
German power giant RWE is to sell its oil and gas unit to a Russian billionaire in a €5bn (£4bn) deal, it emerged last night.
The debt-laden company, which owns supplier npower in the UK, has agreed to sell its Dea unit to L1 Energy, the investment vehicle backed by Russian billionaire Mikhail Fridman.
The deal would be the first for L1 Energy, set up by Mr Fridman and co-investor German Khan to invest some proceeds from the sale of their shares in oil venture TNK-BP.
RWE this month reported its first full-year loss since the foundation of the modern Germany in 1949 as slumping power prices led to billions of euros in writedowns.
It is struggling under €30bn of debt, and along with other utilities, is trying to sell assets and renegotiate supply agreements with Gazprom, the state-owned Russian gas export monopoly. RWE chief executive Peter Terium said the agreement was a "major milestone" in meeting the company's goal for a strategic realignment.
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