Germany's RWE ends U.S. coal stake
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FRANKFURT, Germany (Reuters) -- German utility RWE AG has agreed to sell its remaining 18.5 percent stake in U.S. coal producer Consol Energy Inc for $296 million.
The transaction, a private placement due to be completed on February 20, ends RWE's unwinding of its Consol position as part of a plan to focus on energy activities on Europe.
In total, the sale of the 73.6 percent Consol holding will have raised $1.034 billion, RWE said.
Documents filed with the U.S. Securities and Exchange Commission on Friday showed that U.S. mutual funds group Capital Research and Management Co. owned 10 percent of Consol at the end of 2003 after raising its stake to nearly nine million shares from 1.6 million at the end of September.
Earlier this week, money manager Wellington Management disclosed it bought a stake of about 10 percent in Pittsburgh-based Consol, according to a regulatory filing.
Copyright 2004
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
