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Qatar becomes the largest RWE shareholder

2022-10-02T15:01:00.517Z

The Essen-based energy company RWE is going on a shopping spree in the USA and is getting the financing for it from the Arab Emirate of Qatar. In return, the sovereign wealth fund becomes the largest single shareholder.



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Skyline in Doha

Photo: Christof Koepsel/ Getty Images

The sovereign wealth fund of the Emirate of Qatar becomes by far the largest shareholder in the Essen-based energy giant RWE.

The reason for this is the takeover of the US solar specialist Con Edison Clean Energy Businesses, for which RWE needs fresh money.

The company announced the takeover over the weekend that it was one of "the leading operators and developers of solar systems and storage systems in the US market".

RWE initially wants to use a bridging loan for the takeover.

Qatar Holdings, a wholly owned subsidiary of Qatar Investment Authority (QIA), the emirate's sovereign wealth fund, subscribed to a €2.43 billion mandatory convertible bond.

This means that QIA can take a good nine percent stake in RWE and become its largest shareholder.

The Gulf state is already involved in Germany with Deutsche Bank, Volkswagen and Porsche.

Approaching Qatar

Since the outbreak of the war in Ukraine, numerous European countries have approached the Gulf States in order to avoid future dependence on a single supplier for energy issues.

Most recently, Chancellor Olaf Scholz and the Emir of Qatar spoke out in favor of the delivery of liquid natural gas to Germany.

"There are talks between Qatar and the German side that we want to deepen," said Emir Tamim bin Hamad bin Khalifa Al Thani after meeting Scholz in Doha.

Qatar has expanded its gas production because it is aware of the growing demand.

He emphasized his country's interest in further investing in Germany.

rai/dpa

Source: spiegel

All business articles on 2022-10-02

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