Reuters: Private Equity: German utility MVV bids for E.On waste unit - source

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German utility MVV bids for E.On waste unit - source Jun 25th 2012, 17:23 FRANKFURT, June 25 | Mon Jun 25, 2012 1:23pm EDT FRANKFURT, June 25 (Reuters) - German utility MVV has bid more than 800 million euros ($998 million) for E.On's waste-burning unit, a source familiar with the sales process said. "MVV has submitted a bid for E.On's Energy from Waste," the person said on Monday, adding that the offer, which lay in a range between 800 million euros and 1 billion, was for the entire unit, including 18 incinerators. The source said the final transaction price would be lower because the city of Bielefeld's local utility planned to make use of a right of first refusal and buy incinerators in Bielefeld and Hameln. MVV and E.On declined comment. The sale of the waste-burning unit is part of E.ON's 15 billion euro disposal programme to streamline its activities as the group struggles to cope with Germany's decision to stop nuclear power production by 2022. A deal would be MVV's biggest takeover and see it replace E.On as the largest operator of waste incinerators in Germany. Last week, sources told Reuters that Morgan Stanley Infrastructure and Swedish private equity group EQT were readying bids, while Singapore-based SembCorp was working with banks to set up financing for a deal. ($1 = 0.8013 euro) (Reporting by Tom Kaeckenhoff and Jonathan Gould) Link this Share this Digg this Email Reprints

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