E.ON earmarks 13.8 billion euros for takeovers, investment

0 Comments | AFP, December, 2003

DUSSELDORF, Germany (AFP) — The leading German energy group E.ON announced a massive expansion drive in Europe with a budget of 13.8 billion euros (16.8 billion dollars) for takeovers and other investments in the next two years.

The programme was focused on central Europe and Scandinavia, it said.

Many international energy experts say that western Europe faces a big challenge in ensuring energy supplies in the next 15 years, and they have highlighted the potential of natural gas.

E.ON said it had budgeted to spend 5.1 billion euros on takeovers but that this war chest could be increased.

The group would spend 8.7 billion euros on investment in equipment to improve its gas and electricity networks and to protect the environment from the effects of...