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German RWE says UK'S decision won't stop DEA divestment

Reuters

FRANKFURT (Reuters) - German utility RWE (RWEG.DE) said on Sunday the sale of its oil and gas unit DEA to Russian tycoon Mikhail Fridman would go through on March 2, despite a British move to block part of the deal.

The UK Department of Energy and Climate Change (DECC) announced on Saturday that it was not willing to provide a comfort letter for the change of control of the UK business of RWE DEA.

RWE said in a statement that its agreements with Fridman's LetterOne-Group in January meant the DECC decision would not affect the completion of the transaction set for March 2.

"These agreements provide for a transfer of the entire RWE DEA group including the UK business," the statement said.

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"Only if the EU or the U.S. impose sanctions on LetterOne or its owners prior to the first anniversary of the completion, will RWE have to re-acquire the UK business," it added.

(Reporting by Jonathan Gould)