BUCHAREST (Romania), October 9 (SeeNews) – Czech power group CEZ said on Friday it has completed talks with Romanian state-run power company Electrica for gaining full control of CEZ Distributie and CEZ Vanzare, two of the four local units of the group.
CEZ is buying the remaining 19% stake in each of the two companies for a combined 145.36 million euro ($214.2 million), it said in a statement.
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“After successful transaction with both Proprietatea (this transaction was closed last week, CEZ bought 30% stakes in abovementioned companies from this subject) and Electrica, CEZ becomes 100% owner in both Romanian companies,” the group said in a statement.
Last month Romanian government-controlled property restitution fund Proprietatea sold to CEZ the 30% stakes it held in each of CEZ Distributie and CEZ Vanzare for a combined 229.6 million euro.
CEZ (www.cez.ro) holds majority stakes in the other two Romanian units - CEZ Trade and CEZ Servicii. The government owns minority stakes in both companies through Electrica.
In October 2005, CEZ bought a 24.6% stake in Romanian power distributor Electrica Oltenia from the government, renamed it to CEZ Romania (www.cez.ro) and raised its stake in the company to 51% via a capital increase.
($ = 0.6786 euro)