- RWE pushes ahead with disposal of its interest in Consol
- Interest to be reduced from 48.9% to 18.5%
On October 2, 2003 RWE agreed to sell another 27.3 million of its 43.9 million shares in CONSOL Energy Inc., the Pittsburgh-based US coal-mining company, in a private placement with various investors. As a result, RWE’s interest in CONSOL’s outstanding common stock will be reduced from 48.9 percent to 18.5 percent. The disposal will result in an inflow of approximately US-Dollar 470 million (Euro 405 million) to RWE.
On September 23 and 24, 2003 RWE already closed the sale of 14.1 million of its shares in CONSOL thereby reducing its interest from 73.6% to 48.9%. The placement agent continues to have the right for a defined period of time to place any or all of RWE´s remaining shares in Consol.
The shares of common stock have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.