RWE and E.ON swap stakes in Czech gas firms

Reports emerging from the Czech Republic suggest that E.ON and RWE have agreed to swap their stakes in a number of gas distributors in the country.

The CTK news agency reports that E.ON will get a majority stake in Jihoceska plynarenska and increase its share in Prazska plynarenska, while RWE will grow its interest in Stredoceska plynarenska, Vychodoceska plynarenska, Severomoravska plynarenska and Zapadoceska plynarenska – distributors in which it already owns stakes.

The deals are expected to be completed in H1 2006, subject to approval from the Czech regulatory authorities. The transactions mirror a similar agreement reached between the two German players in Hungary.