Canton Schaffhausen increases stake in cantonal works

The canton of Schaffhausen is taking over a 10 percent stake held by the company itself in the canton of Schaffhausen's power station (EKS). The canton thus holds a total of 85 percent of the EKS. The remaining 15 percent belong to the Thurgau EKT Holding.

The canton of Schaffhausen is buying a temporarily owned 10 percent stake from its power station, informs the canton administration in a message . The shares were sold by the canton to EKS three years ago when the canton took over a total of 25 percent of EKS from Axpo Holding . At that time, the canton had sold the remaining 15 percent to EKT Holding AG ( EKT ) from Thurgau.

The canton paid Axpo a total of CHF 53 million in 2017 to acquire the block of shares. They were reapplied by reselling 10 percent to EKS at a price of 21.2 million francs and reselling 15 percent to EKT at a price of 31.8 million francs.

In January of last year, the canton considered buying back the shares held by EKS as part of its ownership strategy, the announcement further explains. The EKS never intended to hold the shares itself in the long term, it says there. As the purchase price, the two partners have agreed the price of 21.2 million francs already paid for the transaction three years ago.

After the transaction, the canton will hold an 85 percent stake in its cantonal works. The remaining 15 percent of the EKS should remain in the possession of EKT. The canton administration wrote that this was welcomed “particularly with a view to the synergy potential in the network area, both by the government council of the canton of Schaffhausen and the government council of the canton of Thurgau as well as the boards of directors of EKS and EKT”.