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Essent’s main shareholder gives OK to RWE takeover

18 May 2009 – The Dutch province of North Brabant has cleared the move by German rival RWE to take over local utility Essent.

North Brabant, Essent’s largest stockholder with a 30.8 per cent stake, approved the deal with 33 votes for and 21 votes against, after heated debates.

North Brabant was the only Dutch province to reject the EUR9.3bn ($12.52bn) transaction at the end of April, claiming that RWE does not allocate sufficient funds for renewable energy projects. The rejection led to RWE pledging a multi-billion investment in green power.