RAG Beteiligungs-AG has signed an agreement with Luxembourg-based ArcelorMittal Group for the sale of its 76.9% stake in Saar Ferngas, a gas distribution company.
<p>The sale is subject to board approval and also to approval by the European antitrust authorities. The purchase price comes to approximately E367 million and the transaction is expected to be completed by the end of 2007. <br /><br />Arcelor Luxembourg will acquire the shares under the same conditions that had previously been agreed with the RWE Group. Earlier, the German Federal Cartel Office denied the takeover of Saar Ferngas by RWE.<br /><br />Dr Werner Muller, CEO of RAG Aktiengesellschaft and RAG Beteiligungs-AG, said: The sale of the gas distribution unit is a systematic step in the realignment of RAG Beteiligungs-AG. This completes the refocusing of the energy business area in particular to power generation from coal-fired power stations and renewable energies.</p>