EnBW Energie Baden-Wuerttemberg AG (EBK) was worth at least 840 million euros ($1.03 billion) less at the time the government bought back a stake in the utility, Stuttgarter Zeitung reported, citing a legal opinion by the auditing company Warth & Klein Grant Thornton commissioned by the state of Baden-Wuerttemberg.
The takeover premium of 18.6 percent on the share price wasn’t justified because the government didn’t get control over the company, Stuttgarter said. The description of the deal by Morgan Stanley (MS:US) was “misleading,” according to the assessment, the newspaper added. EnBW officials couldn’t immediately be reached for comment.
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