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Buyer of stake in Latvijas Gaze gas utility revealed

Xinhua, February 25, 2015 Adjust font size:

Marguerite, a fund set up by several European banks to invest in energy projects, is in the process of acquiring the stake in Latvijas Gaze, the Latvian gas company's CEO Adrians Davis revealed at an energy conference.

The acquisition of the natural gas utility owned by Germany's E.ON Ruhrgas International (EON), while the process is confidential, has been going on for about half a year, the Latvijas Gaze CEO said.

Latvian Prime Minister Laimdota Straujuma said earlier that the Latvian government no longer considered buying out E.ON's 47.2 percent stake in Latvijas Gaze because a buyer had been found for the gas company's shares.

In September 2014, the Latvian government decided to make a non-binding offer to E.ON Ruhrgas International for its 47.2 percent stake in Latvijas Gaze, which the German company wanted to sell for 220 million euros.

Two Lithuanian state-controlled energy companies, Lietuvos Energija and Epso-G, also offered to buy the Latvijas Gaze shares.

E.ON Ruhrgas International, the German shareholder of Latvijas Gaze, has decided to dispose of its shares in the Latvian natural gas utility.

Latvijas Gaze, engaged in purchasing, transportation, storage and distribution of natural gas, is quoted on the Secondary List of the NASDAQ OMX Riga stock exchange.

The company's key shareholders are Germany's E.ON Ruhrgas International (47.2 percent), Russia's Gazprom (34 percent) and Itera Latvija (16 percent). Endit