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E.ON, Statkraft sign letter of intent for multi-billion asset swap

12 October 2007 – E.ON AG said it signed a letter of intent for a multi-billion asset swap with Statkraft that will give it full control of jointly held power plants in Scandinavia.

E.ON will take over Statkraft’s 44.6 per cent stake in E.ON Sverige worth €4.4bn ($6.6bn), making it the sole shareholder of the unit, the German utility said in a statement.

In return, Statkraft will receive assets held by E.ON in Sweden, Germany, the UK and Poland as well as more than two per cent of E.ON shares to compensate for the difference in value. E.ON will use treasury shares to pay out the two per cent stake to Statkraft.