Annual Report 2001
Summary
In 2001,Vattenfall took decisive steps to realise the international strategy that the Board of Directors had established, whereby the company is to develop into a leading European energy company.
Through acquisitions of the majority shareholding in Hamburgische Electricitäts-Werke AG (HEW) which, in turn, during 2001, acquired a majority stake in Vereinigte Energiewerke AG (VEAG) and Lausitzer Braunkohle AG (LAUBAG), the foundations for Vattenfall Europe AG were laid.
Vattenfall is now the third largest electricity company in Germany and the fifth largest electricity company in Europe.
At year-end 2001, HEW and Mirant Corporation each owned 44.8 per cent of Bewag AG and each had a 46.1 per cent share of the voting power. In February 2002,Vattenfall, through HEW, has taken over Mirant’s shares and from now on owns 89.5 per cent of Bewag AG, in accordance with an agreement that was signed in December 2001.
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