ČEZ signals bid for Vattenfall’s German assets

Czech power giant ČEZ announced Monday that it has made a non-binding offer for the assets of Swedish energy company Vattenfall in Germany. The portfolio covers coal mines, coal-fired power plants, and hydro power facilities. ČEZ, which is almost 70 percent state owned, has said the assets represent a good fit with its power portfolio and experience in the Czech Republic. Monday was the deadline for bids to be submitted but a final deal is not expected to be sealed until well into the new year. A big uncertainty over the expected sale price for Vattenfall’s assets is the future German government stand over coal mines and power plants.

Author: Chris Johnstone