German energy major E.ON to cut its stake in North Stream pipeline

German energy major E.ON intends to cut its stake in the North Stream pipeline which currently stands at 20%, the concern’s chairman Wulf Bernotat said. The negotiations are underway and we would be willing to sell 4.5% of our stake, Bernotat said in an interview with Wirtschaftswoche published Sunday. The German concern is in talks with French gas distribution company Gaz de France (GdF). Bernotat noted that GdF would like to up its stake. We do not oppose the idea and just need to discuss how such significant participation would be documented in details, he said.