Vattenfall and Nuon completed the transaction announced on 23 February 2009. Vattenfall acquires 49 % of the Nuon shares as of the first of July 2009, for an amount of EUR 4,833 million. This gives Vattenfall a 49 % share in Nuon, as well as operational control. Vattenfall will acquire the remaining 51 % of shares in the coming six years under fixed terms. Nuon forms the third regional business group within Vattenfall: Business Group Benelux.

All regulatory approvals necessary to complete the transaction have been obtained. The Dutch government agreed on the unbundling plan of Nuon and the unbundling has taken place on 30 June 2009. 100 % of the shareholders have accepted Vattenfall's offer and the European Commission provided competition clearance on 22 June, on the condition that retail activities of Nuon Deutschland will be divested. Nuon's Works Council advised positively on the partnership. Vattenfall will consolidate Nuon as of 1 July 2009.

Øystein Løseth (CEO of Nuon) and Doede Vierstra (CFO of Nuon) will represent Business Group Benelux in Vattenfall’s Executive Group Management. Nuon will continue to operate under its own brand for 4 years and its headquarters will remain in Amsterdam. Vattenfall will have four out of eight members in the Nuon Supervisory Board, including the Chairman Lars G. Josefsson, who will have a casting vote. Vattenfall will have operational control of Nuon as of closing date despite the initial minority holding of 49 %. Four members will be nominated by Nuon shareholders, including two members nominated by the Works Council.

Tags: Nuon Energy, Vattenfall AB