DSM to sell DSM Energy to TAQA
Source: Release Date:2009-09-23 223
Add to Favorites
Royal DSM N.V and TAQA Abu Dhabi National Energy Company PJSC have reached an agreement for the sale of DSM Energie Holding B.V. (DSM Energy) for an enterprise value of EUR 285 million. The intended sale is expected to close in the third quarter of 2009, subject to regulatory approvals and notifications. The disposal consists of the participations which DSM has in oil and gas exploration and pipelines, including the 40% participation in Noordgastransport. DSM expects to realise a book profit of approximately EUR 275 million after tax on the sale. This profit will be reported as an exceptional item in the income statement at closing. In September 2007 DSM announced that as a result of the accelerated strategic shift towards Life Sciences and Materials Sciences, a number of businesses which do not fit in with the strategy would be carved out and divested. DSM''s participations in oil and gas exploration and pipelines are part of these businesses. DSM Energy participates in the exploration and production of oil and gas on the Dutch Continental Shelf. DSM participates as non- operator with a stake of up to 25% in the oil and gas joint ventures and owns interests in pipelines, including its 40% stake in Noordgastransport. TAQA is a flagship corporation for the Government of Abu Dhabi. www.dsm.comAdidas Predator Tango
Add to Favorites
You May Like