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RWE receives final bids for oil and gas unit DEA

11 Mar 2014

ship boat oil tankerGerman utility group RWE has reportedly received binding offers for its oil and gas production unit DEA, which has drawn private equity interest.

A deal could be agreed as early as this month and RWE is already excluding the unit from its mid-term planning, said Reuters, citing three people familiar with the matter. The remaining final bids for the unit are expected this week.

The unit has drawn interest from Wintershall, Russian billionaire Mikhail Fridman and Hungarian oil and gas group MOL, while a KKR-backed consortium has submitted a “cautious bid”, which is unlikely to succeed, according to the report.

“RWE is stepping up the pressure to get the sale done soon,” said one of the people.

DEA, which operates in 14 countries, accounted for nine per cent of RWE’s profit last year. It holds interests in oil and gas projects in Europe, the Middle East and Africa.

Earlier this year it was reported that KKR and teamed up with Kufpec to make a €4.2bn bid for DEA.

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