DUESSELDORF (Reuters) – Germany’s RAG Foundation on Tuesday said it was in advanced talks to form a consortium with Czech billionaire Daniel Kretinsky to bid for German utility Steag, which has put itself up for sale.
A spokesperson for RAG, commenting in response to a report by Bloomberg, declined to give further details.
Steag has said it plans to wrap up its sale process by the end of 2023.
RAG, which owns stakes in companies, has its roots in German hard-coal mining company Ruhrkohle AG.
Its main purpose is to finance the future cost of keeping Germany’s abandoned coal mines from caving in.
(Reporting by Tom Kaeckenhoff; Writing by Tom Sims; Editing by Mark Potter)
