Sempra Energy media statement on commodities joint venture
In response to news reports that The Royal Bank of Scotland may divest its stake in the RBS Sempra Commodities joint venture, Sempra Energy issued the following statement today from Donald E. Felsinger, chairman and chief executive officer of Sempra Energy:
“We have been informed by leadership of The Royal Bank of Scotland (RBS) that RBS may have to divest its interest in the RBS Sempra Commodities joint venture.
“Our agreement with RBS requires that the bank maintain its ownership of the joint venture through April 2012. We also understand that any forthcoming divestiture order from the European Commission is expected to allow for an orderly transition, comply with our joint venture agreement and be executed in a manner that would maximize the value of the business.
“Our agreement gives Sempra Energy certain rights with respect to any new owner of RBS’ share of the joint venture and also the right to reacquire RBS’ share.
“After discussions with RBS, we are confident that RBS is committed to continuing the capital and credit support for the joint venture going forward. Our interests are aligned with RBS in continuing to create value in this business.”