Czech CEZ Gets Full Control of Two Romanian Units for Combined 145.36 Mln Euro

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.

“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)