Verbund: Sale of Enerjisa May Bring Synergies
The German energy group eon is said to be interested in Verbund´s stake in the Turkish Enerjisa. In exchange, Verbund should receive hydro power plants in Southern Germany and Austria.
According to “Wirtschaftsblatt”, the sale of the 50% stake in Enerjisa may be favorable as synergies could be exploited. Verbund would completely withdraw from Turkey. In return, eon would cede interests in hydro power plants located in Bavaria. As Verbund currently operates 13 hydro power plants at the Inn river, this would enable Verbund to benefit from synergies.
Eon is said to plan substantial expansion steps in turkey, Brazil and India. The German energy group wants to become more independent from the domestic market. As a result, the Turkish energy market is currently observed thoroughly. The German and the Austrian energy companies are said to have negotiations already. Recently, eon underlined that Turkey would be an interesting market. Neither eon nor Verbund commented this report.
Insiders say that the deal may be concluded in September. The Turkish Sabanci Holding, which is the joint venture partner of Verbund, is said to be dissatisfied with Verbund as Sabanci pushes for quicker growth.
Verbund has entered the joint venture in 2007. In 2007, Verbund´s investment was € 100m. Both Verbund and Sabanci hold 50% in Enerjisa. Also an exchange of shares between Verbund and eon is possible.