Over the course of the last few days, a majority of Essent shareholders have expressed their intention to sell their shares to RWE (56 % of the total Essent shares).

RWE warmly welcomes the decisions taken by the shareholders at provincial and local government level in the Netherlands.

The Essen based company is convinced it has put foward an attractive deal, which is beneficial for all shareholders, customers and employees of Essent.

RWE looks with confidence towards the positive outcome of the process.

The transaction volume is €9.3 billion and covers all of Essent’s business with the exception of its waste business and distribution grids. Completion of the transaction is planned for the third quarter of 2009.

Juergen Grossmann continued “Now we are linking up Essent’s expertise in the areas of biomass, gas storage and the energy trading business with RWE’s financial strength.

This is in the interest of our customers and will enable us to supply even more reasonably priced and environmentally friendly energy.”