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RWE To Invest Over EUR3 Billion In Netherlands In 2009-2013

AMSTERDAM (DOW JONES)--German utility RWE AG (RWE.XE) said Tuesday it plans to invest more than EUR3 billion in clean energy in the Netherlands, in an effort which should convince a key shareholder to vote in favor of RWE's planned takeover of Dutch utility Essent NV. In a joint statement, RWE and Essent said between 2009 and 2013, RWE plans to invest more than EUR3 billion in the Netherlands, mainly in clean energy facilities. The companies also said they reached a "sustainability pact" which should guarantee the execution of these investments. RWE is set to take over Essent in a EUR9.3 billion deal which would be one of Europe's largest takeovers this year. However, the government of the Dutch North-Brabant province, which owns just under 31% of non-listed Essent, recently said it would delay its final decision on the takeover after the provincial parliament recommended the government shouldn't accept RWE's offer. The parliament said RWE's policy towards clean energy was insufficient and therefore demanded more harder guarantees on the matter before a takeover could take place. North-Brabant's approval is crucial to the completion of the deal, since a key condition for RWE's offer is a tender rate of at least 80%. Given the size of North-Brabant's stake, a rejection of the offer could derail the takeover. -By Maarten van Tartwijk, Dow Jones Newswires; +31 20 571 5201; maarten.vantartwijk@dowjones.com

Stock News for Essex Property (ESS)
DateTimeHeadline
11/15/201308:22:25Janus Capital Management 3Q 13F: Largest Eliminations
08/01/201309:07:56U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
08/08/201213:40:07Another Busy Day for U.S. Corporate Bond Issuance
08/08/201213:27:09Baxter Leads Another Busy Day for U.S. Corporate Bond Issuance
11/03/201018:25:11Essex Property 3Q Profit Plunges; CEO To Step Down
09/30/200909:29:57RWE Closes Essent Takeover, Total Transaction Volume EUR7.3 Billion
09/03/200906:59:05Essent:RWE To Buy Plant Stock In '10 At Earliest If Court Approves
09/03/200903:28:01RWE: Essent Takeover Price Cut By EUR950 Million On Plant Carve...
08/13/200905:51:07RWE: Essent Deal Advance Financing Costs In 1st Half Around EUR50...
08/06/200906:15:18Essent 1st Half Net Profit EUR2.6 Billion, RWE Deal To Be Completed...
06/23/200912:45:22EU Clears Germany's RWE To Buy Dutch Essent, With Conditions
06/04/200906:30:34RWE: Commitments Made To EU In Essent Deal Are On German Market
06/04/200905:55:05EU Extends RWE/Essent Energy Deal Antitrust Probe By 10 Days
05/27/200907:41:09RWE: Dutch Province N Brabant Officially Approved Essent Bid
05/26/200911:28:21Dutch Government OKs Essent Unbundling Plan; Key For RWE Takeover
05/15/200912:44:07Dutch Province Parliament Supports RWE-Essent Deal
05/14/200905:28:04RWE CFO: German Gas Grid Sale To Be Prepared By End-2009
05/12/200912:30:07RWE To Invest Over EUR3 Billion In Netherlands In 2009-2013
05/07/200910:41:00EARNINGS PREVIEW: European Utilities Eye Asset Sales; Debt
04/27/200907:32:14Essent: Takeover By RWE Is The "Only Right Option"

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