OEZVY Verbund AG (PK)

VIENNA--Austrian utility Verbund AG (VER.VI) and German energy provider E.ON SE (EOAN.SE) have agreed to exchange assets, Verbund said late Monday.

Verbund, which has been reassessing and shuffling its portfolio, will gain eight run-of-river hydroplants along the Danube and Inn rivers from E.ON. In exchange, E.ON will takeover Verbund's 50% stake in the Turkish joint venture EnerjiSA. The remaining 50% is owned by Turkey's Sabanci Holding.

"We want to concentrate on hydropower, majority holdings and the Austrian and German markets," said Verbund's Chief Executive Officer Wolfgang Anzengruber.

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