Jul. 01 - ENI & EnBW to set up Joint Venture Company

Source Press Release
Company ENI S.p.A. 
Tags Strategy - Corporate
Date July 31, 2001

The Italian energy group Eni and EnBW (Energie Baden-Württemberg AG ) signed an agreement to incorporate a new company, participated on equal basis, with the aim to acquire the majority of the share capital of GVS (Gasversorgung Süd Deutschland GmbH).

GVS is one of the main regional carrier and marketer of natural gas in Germany. The major shareholder of GVS is NWS, the utility of Stuttgart, which is a subsidiary of EnBW.

GVS's operations are based in the Land of Baden-Württemberg, it transports and sells about 8 billion cubic metres of gas and, in the year 2000, it achieved a turnover of about 1,3 billion Euro.

The majority of GVS share capital will be achieved by acquiring the 33,4% stake owned by NWS and the 25% owned by the Land of Baden-Württemberg. Another important GVS shareholder is the utility of Mannheim with a 26.2% stake.

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