German Chancellor Friedrich Merz addresses the media next to Norway’s Prime Minister Jonas Gahr Store (not pictured) at the Chancellery in Berlin, Germany, July 21, 2025.REUTERS/Lisi Niesner Purchase Licensing Rights , opens new tab

BERLIN, July 21 (Reuters) – German Chancellor Friedrich Merz said on Monday the government had not yet decided whether it would take a stake in the German division of state-owned Dutch power grid operator TenneT and was still in talks with the Netherlands.

The Netherlands said last month it would announce in September whether it would sell a minority stake in TenneT Germany or pursue a partial IPO, in what could be one of Europe’s biggest deals in 2025.

Sign up here.

The Dutch government embarked on a dual track process for TenneT Germany after a partial sale to German state lender KfW failed to materialise last June.

“The discussion within the federal government is currently ongoing and has not yet been concluded,” Merz said in a joint news conference with Norwegian Prime Minister Jonas Gahr Store.

Norway’s vast sovereign wealth fund is considering a multi-billion dollar investment in TenneT Germany, German newspaper Handelsblatt wrote earlier this month, citing people familiar with the matter.

Asked whether he would support this, Store said the fund had already made “significant” investments in German companies.

“There are many opportunities in Germany to find companies to invest in”, Store said.

Reporting by Sarah Marsh Editing by Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles. , opens new tab