German government sells $415M in shares in nuclear industry

Business

BERLIN (AP) — The Germany government has sold shares worth almost 381 million euros ($415 million) in companies that operate nuclear power plants abroad.

The Interior Ministry said Tuesday the decision to liquidate the nuclear stocks from pension reserves was agreed upon in 2018 between the three parties in Chancellor Angela Merkel’s governing coalition.

Following the Fukushima nuclear disaster in Japan, Germany decided to phase out its own nuclear power generation by the end of 2022.

The Interior Ministry said the shares sold include some 146.5 million euros in stocks of Italian utility Enel, almost 75 million euros in French energy company Engie and some 159 million euros in Spanish firm Iberdrola.

Officials said revenues will be reinvested in other companies in the Euro Stoxx50 index to back commitments for civil servant pensions.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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