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Verbund to merge with Austrian companies

Austrian utility Verbund is reportedly considering a merger with another Austrian group, EnergieAllianz, rather than with German utility E.On.

Verbund and E.On had originally planned to merge their hydro power operations but had to put the plan on hold due to political pressure against the ‘selling out’ of Austrian resources. The new plan calls for Verbund’s power production and trading activities to be merged with those of EnergieAllianz, a consortium of utilities EVN, Wienstrom, Energie AG Oberoesterreich, Linz’s ESG and Bewag/Begas.

Verbund will own 66% of the joint company, while EnergieAllianz will own 66% of the sales unit. Austria owns 51% of Verbund.