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EnBW says it really is pressing ahead with planned sale of TransnetBW

Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the business’s headquarters in Karlsruhe, March 17, 2015. REUTERS/Ralph Orlowski/File Photo

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FRANKFURT, Aug 13 (Reuters) – German’s EnBW (EBKG.DE) said on Saturday it really is pressing ahead with the planned sale of high-voltage power transmission network TransnetBW, as a media report said a Stuttgart insurance provider representing Baden Wuerttemberg state savings banks was among bidders.

“Preparations for the method of the marketplace are making good progress and we’ll contain the first concrete conversations in coming weeks,” a spokesperson for the southwestern power utility said.

EnBW said in February it had been looking at the sale of a 49.9% stake in TransnetBW to a long-term investment partner, with view to going for a decision on whether to just do it with the move around in 2022.

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The spokesperson wouldn’t normally touch upon whether Stuttgarter SV Sparkassenversicherung, that your Boersenzeitung paper had named in the context, is one of the bidders.

Stuttgarter SV, which includes long had holdings in other power grids, had not been immediately designed for comment.

Reuters reported exclusively in June that German state-owned bank KfW [KFW.ul] was considering going for a stake in TransnetBW, citing sources acquainted with the problem. read more

The 3,100 km (1,940 mile) grid, among four high-voltage networks in Germany, could possibly be valued at a lot more than 2 billion euros ($2.05 billion) within a potential deal, they said.

The Berlin government is keen to help keep a certain amount of control over key energy infrastructure, a technique that has been a lot more important with power supplies facing disruption because of the war in Ukraine.

De facto state-owned EnBW mainly supplies power and gas to Baden-Wuerttemberg, home to blue chip companies including automakers Mercedes-Benz (MBGn.DE) and Porsche AG (VOWG_p.DE). read more

Sparkassen savings banks are established for legal reasons with a mandate of public service and regional development.

($1 = 0.9748 euros)

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Reporting by Tom Kaeckenhoff, writing by Vera Eckert, editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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