17 June 2002 – Vattenfall is to sell all its shares in the Danish company NESA a/s. It has also decided to change the name of its wholly-owned Danish electricity trading company Ström a/s to Vattenfall Danmark a/s.
Vattenfall has signed an agreement with DONG, Dansk Olje og Naturgas, on the sale of its holdings in NESA, which account for 11.5 per cent of the total share capital, to DONG for a total of DKK 472.8m ($60m). This will provide a gain in relation to the book value of approximately SEK 431m. Vattenfall purchased the NESA shares at the end of 1996.
“We have got a good price and are delighted with this deal,” says Vattenfall’s President and CEO, Lars G Josefsson.
The Board of Vattenfall’s wholly-owned electricity trading company Ström a/s has also decided to change the name of the company to Vattenfall Danmark a/s.
“The name is being changed in order to be able to make the most of Vattenfall’s strong brand name and good reputation on the Danish market, not least now that we are focusing more on the biggest customers,” says Ström’s Managing Director, Per Ebert.
“These two changes mean that Vattenfall will focus its energies and strengthen its market profile on the Danish market,” says Lars G Josefsson.