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Europe Daily Bulletin No. 7725
Contents Publication in full By article 21 / 58
GENERAL NEWS / (eu) eu/competition

Veba and Viag affirm their commitments on German electricity market will meet with Commission satisfaction

Brussels / Düsseldorf, 25/05/2000 (Agence Europe) - Veba and Viag have reached an agreement with the European Commission on the conditions that will allow the European Commission to authorise their merger, said Veba in a press release on Thursday. The Commission must give its stance on 7 June on the creation of the third largest German industrial group resulting from this merger, "E.ON". The two companies undertook to sell their shares in Veag/Laubag, Bewag, HEW and VEW, stated Veba. In addition, the "electricity" subsidiary of Veba, PreussenEllektra, will make available to eventual competitors certain transmission capacity at the frontier between Germany and Denmark. Finally, E.ON would not levy the "transit component" on intra-German power trades.

For the time being, the Commission refuses to comment. Its fears mainly concern the creation of a duopoly on the German electricity market between Veba/Viag and their rival RWE/VEW.

Contents

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