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KKCG submitted bid for Czech Innogy assets

Power News - Published on Tue, 15 May 2018

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Reuters reported that Czech investment group KKCG had submitted a bid to buy all Czech assets of German energy firm Innogy. The bid is an attempt to get into a deal under which Innogy parent RWE and E.ON plan to carve up the networks and renewables group.

A KKCG spokeswoman said that "We are convinced our offer is attractive, we are offering an interesting premium over current market price.”

E.ON, which plans to take over Innogy's network assets, has said it expected to end up owning the Czech assets which include a stake in gas distribution network and storage facilities.

KKCG, an investment vehicle of Czech entrepreneur Karel Komarek, has gas storage and oil and gas mining operations in the Czech Republic. Its other assets include gaming group Sazka.

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Posted By : Rabi Wangkhem on Tue, 15 May 2018
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