MUNICH, Germany, March 18 (Reuters) - Insurer Talanx signalled on Wednesday it plans to cut its stake in Amprion after sources told Reuters last month that major owners of Germany's second-biggest electricity grid were considering selling their stakes to new investors.
“We need to reevaluate our stake in Amprion,” said Chief Financial Officer Jan Wicke, adding Talanx intended to participate in capital hikes where needed but that it must adjust stakes to the size of its own investment portfolio.
Funding needs for energy networks across Europe are growing and Amprion plans to invest more than 36 billion euros ($42 billion) in expanding its grid infrastructure by 2029 and needs regular capital increases backed by its owners to do so.
Some members of M31, a consortium of investors that owns 74.9% of Amprion, are exploring options, including shifting holdings to co-shareholders as well as divesting stakes, sources had told Reuters last month.
M31 shareholders include physicians' retirement fund AEBG, and insurers Talanx, Versicherungskammer Bayern, and Swiss Life, as well as Meag, the asset manager of the reinsurer Munich Re.
($1 = 0.8660 euros)
Reporting by Alexander Huebner Writing by Madeline Chambers Editing by Ludwig Burger
Source: Reuters