Business Services Industry
German Utility to Sell Quarter of Coal Giant CONSOL Energy Shares.
Knight Ridder/Tribune Business News, September, 2003
By Ken Ward Jr., The Charleston Gazette, W.Va. Knight Ridder/Tribune Business News
Sep. 20--The German utility RWE AG will complete the sale of one-quarter of its stake in coal giant CONSOL Energy Inc. next week.
RWE said Friday it would sell 14.1 million of its nearly 58 million shares of CONSOL stock.
The move will lower RWE's ownership of Pittsburgh-based CONSOL from 74 percent to just less than half.
At the same time, CONSOL said this week that it would sell 11 million shares of its stock.
The CONSOL and RWE transactions will be private-placement sales, through which stock is sold to a limited number of investors.
In a media release, CONSOL said all shares would be sold for $17.82 a share. CONSOL stock...
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