EPH, PPF Investments Bid for Vattenfall's German Iignite Assets
Czech groups EPH and PPF Investments have submitted a binding offer for Swedish utility Vattenfall's lignite mines and power plants in Germany, EPH said on Wednesday.
"We believe that our binding (bid) offers a fair and firm value for the assets and clearly demonstrates our commitment to the transaction, the industry and the region," EPH Chairman Daniel Kretinsky said in a statement.
"We are fully mindful of current economic condition of Vattenfall's lignite operations, including the fact that in the forthcoming years, unless power prices will materially recover, the company will not be in a position to distribute any dividends and rather will generate a negative cash flow."
(Reporting by Jan Lopatka and Jason Hovet)
