|2011-12-22 - 16:43:00 - DJ E.ON: Focus On Investment, Renewable Energy After Failed EDP Bid|
*DJ E.ON: Focus On Investment, Renewable Energy After Failed EDP Bid
(MORE TO FOLLOW) Dow Jones Newswires
December 22, 2011 11:31 ET (16:31 GMT)
DJ E.ON: Focus On Investment, Renewable Energy After Failed EDP Bid
FRANKFURT (Dow Jones)--German utility E.ON AG (EOAN.XE) said Thursday it will focus on profitability and investment after its failed bid to take a 21% stake in Portugal's EDP-Energias de Portugal SA (EDP.LB) in a privatization tender.
"As part of this, E.ON will invest EUR7 billion over the next five years into renewable energy, including three large offshore wind farms in the North Sea and the Baltic Sea," the company said in a statement.
E.ON Chief Executive Johannes Teyssen said buying the stake in EDP would have been good for both companies, "however, we were not in a position to offer more than what we can justify as an appropriate and value-creating investment."
Earlier in the day, China's Three Gorges Corp. said it won the bidding process for the stake in EDP with an offer of EUR2.69 billion.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
(END) Dow Jones Newswires
December 22, 2011 11:43 ET (16:43 GMT)
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