E.ON To Sell Gazprom Stake To Market, VEB For €3B

Law360, New York (December 1, 2010, 4:48 PM EST) -- E.ON AG has agreed to sell its stake in OAO Gazprom for €3.4 billion ($4.5 billion) mainly to Vnesheconombank, Russia's state-owned investment bank, though the German energy giant said Wednesday that it would maintain its long-term partnership with the Russian gas company.

E.ON's Ruhrgas AG subsidiary will sell a 2.7 percent stake in Gazprom to VEB and has already put its other 0.8 percent stake in the Russian company on the market, E.ON said Wednesday.

Overall, the German company valued the transactions at €3.4 billion and...
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