At a press conference on Wednesday morning, Luxembourg's Minister for the Economy, Etienne Schneider, announced that the Banque et Caisse d’Épargne de l’État (BCEE) and ADRIAN woul purchase the shares in Enovos International SA being sold by E.ON and RWE.
Enovos International SA is the holding company at the head of energy group that is the leader in the energy market in Luxembourg. The company has a public shareholding of 43.45% (Luxembourg State, Luxembourg City and SNCI), with the remaining shares held by private organisations. The public shareholding now increases to 69.81%.
In March 2014, the two largest German energy groups that were shareholders in Enovos International SA, i.e. E.ON (10%) and RWE (18.36%), indicated that they wished to sell their stakes in the Luxembourg group.
As of 22 December 2015, a sales contract was signed between the parties stating that the Luxembourg State, SNCI (National Credit and Investment Company) and the Ville de Luxembourg, as well as the independent private investment firm ARDIAN, are to acquire, along with the BCEE as a new shareholder, the interests of E.ON and RWE in Enovos International SA.
The share sale price has not been divulged.
Minister Schneider stated "By means of this transaction, public shareholders now hold an absolute majority of the Enovos Group, which obviously remains a private company. Enovos has a stable ownership structure which allows to continue to provide Luxembourg with security of supply, the development of renewable energy and the maintenance of a competitive energy prices for the benefit of businesses and households."
The transaction is expected to close in the first quarter of 2016. Once the transaction will be effective, the shareholders of Enovos International SA will be composed as follows:
Photo by MECO (L-R): Tom Theves, Ministry for the Economy; Étienne Schneider, Deputy Prime Minister and Minister for the Economy; Lydie Polfer, Mayor of the Ville de Luxembourg
