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KKR, Kufpec team for €4.2bn RWE oil and gas arm bid

24 Jan 2014

oil drums2_lrgUS buyout house KKR has reportedly teamed up with Kufpec to take part in a multibillion-euro bidding war for the oil and gas explorations offshoot of German utility RWE.

KKR and Kufpec have bid €4.2bn for DEA according to Reuters, more than the €3.5bn offered by BASF’s Wintershall but well below the standout €5bn offered by Russian tycoon Mikhail Fridman.

The offers are non-binding and could change significantly once full due-diligence checks are carried out.

DEA owns stakes in about 190 oil and gas licenses or concessions in Europe, the Middle East and North Africa, some of which are non-producing and in need of large investments, Reuters added.

Valuations for the African assets in particular varied greatly, one of the sources said.

DEA employs nearly 1,400 people and accounted for about 11 percent of RWE’s operating profit in 2012.

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