RWE agrees sale of upstream arm


Issue 274 - 28 Mar 2014 | 1 minute read

Germany’s RWE has agreed terms for the sale of RWE Dea to Russian-Ukrainian businessman Mikhail Fridman’s LetterOne Group for €5.1bn ($7bn). Alfa Group subsidiary LetterOne was set up by Fridman and co-investor German Khan last year to invest part of $14bn they earned from selling a stake in the Moscow-based TNK-BP oil venture. RWE announced the sale of its upstream exploration arm in 2013 as part of a capital-raising exercise made necessary by the German government’s decision to cancel plans to build new nuclear generation.

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