Under the agreement, Vattenfall will initially acquire 49% of Nuon, with the remainder changing hands over the next six years. Nuon’s grid company Alliander is not included in the deal.
Nuon’s board members unanimously backed the offer, which is expected to close by the end of second-quarter 2009, but is still subject to shareholder approval.
Vattenfall says the deal will not only give it a strategic position in the Benelux region (Belgium, Netherlands and Luxembourg), but will also give its renewables division the economies of scale it needs to take projects to the next level.
“All
