Goldman Sachs has helped E.ON, the German utility, negotiate the first major disposal in Germany since the government introduced sweeping new tax laws at the start of this year.

E.ON will sell VAW, its aluminium business, to Norsk Hydro, the Norwegian oil, energy, light metals and agricultural company. Norsk Hydro will pay €3.1bn ($2.8bn), which includes financial liabilities and pension provisions amounting to €1.2bn.