Dutch Province Parliament Supports RWE-Essent Deal
May 15 2009 - 12:44PM
Dow Jones News
German utility RWE AG's (RWE.XE) plan to take over Essent NV
came close to its finalization Friday, after the parliament of the
Dutch province of North Brabant, a key Essent shareholder, said it
will support the deal.
After a day-long parliamentary session discussing the issue, the
provincial parliament voted in favor with a 58% majority. The vote
was advisory and therefore non-binding, but important for the
provincial government to avoid a political crisis.
The parliament's support clears the way for the provincial
government to give its final approval to the deal.
North Brabant, which owns just under 31% in Essent, is crucial
to the completion of the EUR9.3 billion takeover, since a key
condition for RWE's offer is a tender rate of at least 80%.
North Brabant's government, which had already signaled it's in
favor of the deal, earlier this week delayed its decision on the
offer after the provincial parliament in a non-binding
recommendation said the government shouldn't accept it.
-By Maarten van Tartwijk, Dow Jones Newswires; +31 20 571 5201;
maarten.vantartwijk@dowjones.com
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