RWE Completes Czech Gas industry Buy Out

RWE, the fourth largest utility in Europe, has paid 4.1 billion euros to the Czech National Property Fund, completing the purchase of the country's gas industry, the state asset agency said. RWE in December won the bid to buy the Czech government's ninety seven percent stake in the monopoly natural gas importer Transgas and holdings in eight other regional gas distributors. The Czech regulator approved the purchase earlier this month. The proceeds from the sale have been deposited into a special account at the Czech National Bank, said National Property Fund spokeswoman Jana Viskova, in an e-mailed statement. The government and the central bank agreed to swap asset sale proceeds off the foreign exchange market to prevent the strengthening of the Czech koruna that hurts exporters. The fund will adhere to the agreement, Viskova said, adding that the use of the proceeds has not yet been determined.

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