Sempra buys Enron Metals business
PricewaterhouseCoopers, administrators to Enron Europe, today announced the sale of Enron Metals to San Diego-based Sempra Energy for an undisclosed sum.
Dipankar Ghosh, administator at PwC, said: ‘I am delighted to announce the sale of Enron Metals Limited. We received strong expressions of interest from 20 parties – the offer from Sempra was the best.’
He added: ‘The sale is good news for EMGL’s creditors as well as for the employees and the counterparties of Enron Metals Limited.’
The metals business was bought by Enron, the US energy giant, in June 1999 for £300m in a bid to diversify into trading products. The business’ sale price to Sempra was expected to be significantly lower than its sale price to Enron.