At the Nuon Extraordinary General Shareholder Meeting, a majority of over 90% accepted Vattenfall’s offer to acquire the shares of Nuon. The transaction is expected to close on 1 July 2009, subject to competition clearance by the European Commission is expected before 1 July.

The transaction, announced on February 23, 2009, was subject to approval of the Nuon shareholders. Vat-tenfall will initially acquire 49% of the shares. The remaining 51% of the shares will be acquired in the com-ing six years under fixed terms.

Lars G. Josefsson, CEO of Vattenfall comments: “We are very pleased that a clear majority of Nuon’s shareholders has accepted Vattenfall’s offer. The Netherlands is one of the most attractive regions for Vattenfall’s expansion and provides significant risk diversification for the Vattenfall group. The cultures between the companies have proven to be a perfect fit, in the past months of working towards the closing of the deal. Nuon shares our vision of becoming climate neutral by 2050 and together we will accelerate the investments in renewable energy as well as continue developing CCS technology (Carbon Capture and Storage).”

Nuon will form the Business Group Benelux of Vattenfall, responsible for developing Vattenfall’s operations in the Benelux and taking a leading role in the development of Vattenfall’s gas activities. One of the major interests for Vattenfall is to create a North-Western European wind power champion to support Vatten-fall’s strategy of making electricity clean.

Tags: Nuon, Vattenfall AB