April 5, 2019 / 7:34 AM / 21 days ago

UPDATE 1-Uniper ends E.ON's ill-fated Brazil foray with Eneva stake sale

* 6 pct stake to fetch about 75 mln eur

* E.ON bought into Brazilian market in 2012

* Latest sign of Uniper’s asset sale efforts (Recasts, adds CFO quote, context)

FRANKFURT, April 5 (Reuters) - German energy group Uniper on Friday said it was selling its remaining stake in peer Eneva, ending an unsuccessful foray into the Brazilian market that was made by its former parent E.ON .

The 6 percent stake, which Uniper sells as part of a secondary placement, is expected to fetch about 75 million euros ($84 million), the group said, only two weeks after it divested its holding in an Italian liquefied natural gas plant.

“In line with our corporate strategy, we consider non-strategic shareholdings for asset rotation,” Chief Financial Officer Christopher Delbrueck said. “The sale of our Eneva stake is an example of how we’re systematically implementing this strategy.”

The move ends Uniper's engagement in the Brazilian market that began with E.ON's acquisition of a 10 percent stake in MPX Energia in 2012, controlled by Eike Batista, Brazil's richest man at the time, who called it "the perfect marriage" here

However, Batista's business empire crumbled along with the Brazilian economy, leading E.ON to raise its stake here in MPX Energia and rename the group Eneva to distance it from the Brazilian tycoon. Eneva filed for bankruptcy protectihere in 2014.

E.ON, which spent at least 1.3 billion euros on the Brazilian venture, spun off Uniper, including its holding in Eneva, in 2016 and last year sold its remaining 47 percent stake in Uniper to Finland’s Fortum.

$1 = 0.8903 euros Reporting by Christoph Steitz; editing by Thomas Seythal and Michelle Martin

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