First State formally buys 45.8% stake in MVV Energie

First State Investments has concluded its acquisition of a 45.8% stake in MVV Energie AG (ETR:MVV1), a Mannheim-based energy producer and trader focused on renewables, after receiving the needed approvals.

The international asset manager bought a combined 45.1% stake in MVV from German energy companies EnBW (ETR:EBK) and RheinEnergie AG and also secured an additional 0.7% stake through a public offer that had to be launched as required by the German takeover law.

The controlling shareholder remains the City of Mannheim, which continues to hold a stake of 50.1%.

As previously announced, MVV’s two major stockholders prefer to maintain a free-float in the current scope.

“With First State, MVV now has an experienced investor at its side who supports the company’s goals of working towards a sustainable energy system transformation and the climate-neutral energy system of the future,” said Georg Mueller, CEO of MVV.

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