Duesseldorf sells stake in RWE

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The German city of Duesseldorf has sold its stake in utility RWE for €155.4m (US$171.28m).

Duesseldorf says that it made a profit of €53.3m on the sale of 5.571 million shares, which would be used to compensate for the losses of its Rheinbahn public transport network, improving the city’s finances.

The shares sold represent less than one per cent of RWE’s 615 million outstanding stock.

Other local municipalities hold bigger stakes in the firm, including the city of Dortmund, on around six per cent, and Essen, on three per cent.

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