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Russian tycoon set to rival Kuwait in bid for RWE unit
November 25, 2013, 2:55 pm

Russian billionaire Mikhail Fridman has teamed up with other investors to bid for German utility RWE's oil and gas unit DEA, three people familiar with the deal said.

"A Fridman-led consortium is preparing to hand in a bid for DEA by the Christmas deadline", one of the people said.

Fridman is acting through his investment vehicle L1 Energy, another of the sources said.

RWE, suffering from loss-making power plants, a boom in renewable power and 30.8 billion euros ($41.5 billion) in net debt, said in March it planned to sell DEA to save billions of euros it would otherwise have to invest in exploration and production.

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