Romania raises asking price for stakes in two power distributors

The upward revision, based on a valuation of consultancy KPMG Romania, will raise the total price for the stakes in Enel Muntenia Distributie and Enel Muntenia Energie to 521.6 million euro from 448 million euro estimated on November 14, when the stakes were priced at 107.075 euro a share, the government said in a statement on its website on Tuesday.

The privatisation contract, signed on June 11, 2007, between the stakes holder, Romania's state-owned power supplier and distributor Electrica, and Italy's Enel includes a selling option that expires by end-December.

Electrica owns 23.6% stakes in each Enel Muntenia Distributie and Enel Muntenia Energie, the majority owner, Enel S.p.a, controls two 64.4% stakes in both companies and the remainder is held by Romania's property restitution fund Proprietatea.

($ = 0.775 euro)