French Utility EDF Raises Stake in EnBW

The French electricity group Electricite de France has become the principal shareholder in German energy company EnBW, raising its stake to 39 from 34.5 percent through a capital increase, the regional power utility OEW said Wednesday. OEW, which has a 34.5 percent interest in EnBW, provided no details on the capital increase by EDF, which it said was aimed at boosting EnBW's financial position. But it added that it had loaned €350 million ($466 million) to EnBW, which within the next year it has the right to exchange for EnBW shares. That procedure would bring its participation level with EDF's 39.5 percent holding.