Identifier
Created
Classification
Origin
07ABUDHABI193
2007-02-07 10:49:00
UNCLASSIFIED
Embassy Abu Dhabi
Cable title:
Abu Dhabi Company Buys CMS Subsidiary
how-toVZCZCXRO0385 RR RUEHDE RUEHDIR DE RUEHAD #0193 0381049 ZNR UUUUU ZZH R 071049Z FEB 07 FM AMEMBASSY ABU DHABI TO RUEHC/SECSTATE WASHDC 8211 INFO RUEHDE/AMCONSUL DUBAI 6823 RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS ABU DHABI 000193
SIPDIS
SIPDIS
DEPT FOR NEA/ARP, EB/TPP/BTA
USDOC FOR 1000/ITA/OFFIE OF THE UNDERSECRETARY/FLAVIN
USDOC FOR 3130/ITA/US&FCS/DAS FOR OIO/DHARRIS
USDOC FOR 4000/ITA/MAC/OFFICE OF THE ASSITANT SECRETARY/DBOHIGIAN
06 Abu Dhabi 4360
E.O. 12958: N/A
TAGS: EINV EFIN ETRD AE
SUBJECT: Abu Dhabi Company Buys CMS Subsidiary
UNCLAS ABU DHABI 000193
SIPDIS
SIPDIS
DEPT FOR NEA/ARP, EB/TPP/BTA
USDOC FOR 1000/ITA/OFFIE OF THE UNDERSECRETARY/FLAVIN
USDOC FOR 3130/ITA/US&FCS/DAS FOR OIO/DHARRIS
USDOC FOR 4000/ITA/MAC/OFFICE OF THE ASSITANT SECRETARY/DBOHIGIAN
06 Abu Dhabi 4360
E.O. 12958: N/A
TAGS: EINV EFIN ETRD AE
SUBJECT: Abu Dhabi Company Buys CMS Subsidiary
1. On February 6, CMS Energy (based in Jackson, Michigan) and the
Abu Dhabi National Energy Company (TAQA) announced that Taqa would
buy CMS' businesses in the Middle East, Africa, and India for $900
million. CMS announced that the sale would accelerate its financial
recovery and allow an increased focus on investments in its Michigan
utility.
2. The subsidiary of CMS has six international assets, including two
in Abu Dhabi: A 40% stake in the Taweelah A2 power generation
facility and a 20% stake in the Shuwaihat S1 power generation
facility. Taqa will also buy CMS Energy's stake in companies in
Morocco, Saudi Arabia, Ghana, and India. Taqa has retained most of
the CMS Energy staff seconded to the plants.
3. Taqa is an Abu Dhabi energy company established in 2005. The
government of Abu Dhabi (through the Abu Dhabi Water and Electricity
Authority) owns 51% of the company. An additional 24.1% of the
company is allocated to the emirate owned "farm owners' fund." The
rest is traded on the Abu Dhabi Stock Market. Taqa provides around
85% of the water and electricity consumed in the Emirate of Abu
Dhabi and has been engaging in an ambitious program of international
expansion, recently acquiring assets in the UK and the Netherlands.
Sison
SIPDIS
SIPDIS
DEPT FOR NEA/ARP, EB/TPP/BTA
USDOC FOR 1000/ITA/OFFIE OF THE UNDERSECRETARY/FLAVIN
USDOC FOR 3130/ITA/US&FCS/DAS FOR OIO/DHARRIS
USDOC FOR 4000/ITA/MAC/OFFICE OF THE ASSITANT SECRETARY/DBOHIGIAN
06 Abu Dhabi 4360
E.O. 12958: N/A
TAGS: EINV EFIN ETRD AE
SUBJECT: Abu Dhabi Company Buys CMS Subsidiary
1. On February 6, CMS Energy (based in Jackson, Michigan) and the
Abu Dhabi National Energy Company (TAQA) announced that Taqa would
buy CMS' businesses in the Middle East, Africa, and India for $900
million. CMS announced that the sale would accelerate its financial
recovery and allow an increased focus on investments in its Michigan
utility.
2. The subsidiary of CMS has six international assets, including two
in Abu Dhabi: A 40% stake in the Taweelah A2 power generation
facility and a 20% stake in the Shuwaihat S1 power generation
facility. Taqa will also buy CMS Energy's stake in companies in
Morocco, Saudi Arabia, Ghana, and India. Taqa has retained most of
the CMS Energy staff seconded to the plants.
3. Taqa is an Abu Dhabi energy company established in 2005. The
government of Abu Dhabi (through the Abu Dhabi Water and Electricity
Authority) owns 51% of the company. An additional 24.1% of the
company is allocated to the emirate owned "farm owners' fund." The
rest is traded on the Abu Dhabi Stock Market. Taqa provides around
85% of the water and electricity consumed in the Emirate of Abu
Dhabi and has been engaging in an ambitious program of international
expansion, recently acquiring assets in the UK and the Netherlands.
Sison