January 17 (SeeNews) - Greek utility Public Power Corporation (PPC) will complete due diligence for the acquisition of Italian group Enel's assets in Romania by mid-February and will then decide whether to submit a non-binding offer, Greek media reported.
Due diligence is about 70% completed and has not revealed any unpleasant surprises so far, Greek newspaper Naftemporiki reported on Monday.
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Should negotiations be successful, PPC will decide whether it will submit a binding offer to Enel and on the amount offered, the outlet added.
PPC announced in mid December that it has entered into an exclusivity agreement with Enel group in relation to the potential acquisition of its assets in Romania.
In November, Enel announced that it plans to sell its Romanian assets in 2023 and focus its activities in Europe around Italy and Spain. In Romania, Enel operates on the supply segment through Enel Energie and Enel Energie Muntenia, on the distribution segment through E-Distributie Banat, E-Distributie Dobrogea and E-Distributie Muntenia, and on the production segment, through Enel Green Power Romania.
In August, the Italian group lent 375 million euro to Enel Energie and Enel Energie Muntenia to cover their financing needs in the context of rising electricity prices and state subsidies scheme for final consumers.
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