Bloomberg News

Verbund, Sabanci Set Up Energy Unit to Own Turkey Ventures

November 29, 2011

(Adds value of Enerjisa in third paragraph.)

Nov. 28 (Bloomberg) -- Verbund AG and Haci Omer Sabanci Holding AS plan to set up a jointly-owned company to own all of the partners’ energy ventures in Turkey, according to a statement to the Istanbul Stock Exchange today.

The new company, in which the Vienna- and Istanbul-based companies will have equal stakes, will have capital of 3.5 billion liras ($1.9 billion) and will own the partners’ companies operating in energy production, wholesale power trading, and distribution, according to the statement.

The companies valued their production unit, Enerjisa Enerji Uretim AS, at 8.64 billion liras and electricity grid operator for the Ankara region, Enerjisa Elektrik Dagitim AS, at 1.16 billion liras, they said, adding that the new umbrella company will be formed by a partial spinoff of the shares in the existing units.

--Editor: Zoe Schneeweiss

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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