You're reading: Reuters: Germany clears $6.9 billion RWE unit sale to Russian investor

Reuters: Germany clears $6.9 billion RWE unit sale to Russian investor

Published Aug. 23, 2014 at 12:09 pm

German Chancellor Angela Merkel and Russian President Vladimir Putin chat during the second half of the 2014 FIFA World Cup final football match between Germany and Argentina at the Maracana Stadium in Rio de Janeiro on July 13.

Photo by AFP

Germany's economy ministry approved the sale of utility RWE's (RWEG.DE) oil and gas unit DEA to a Russian investor despite tensions between Russia and the West over theUkraine crisis.

The go-ahead announced on Friday removes the biggest hurdle for the 5.1 billion euro ($6.9 billion) sale, a major plank in RWE's struggle to reduce a debt burden of more than 30 billion euros.