CEZ group sold stake in Cernavoda project to Nuclearelectrica - Romanian state plans selling part of its stake

Marţi, 4 ianuarie 2011, 16:51 English | Business

​Czech group CEZ sold by the end of 2010 its shares in the project to conclude works at the Cernavoda nuclear power plant in Romania, a press release of the group reads. It says the announcement of an intention to sell the 9.15% of shares held by CEZ in Energonuclear SA company was made in late 2010 and that the shares were sold to Nuclearelectrica SA, the majority shareholder in the project to build reactors 3 and 4 of the Cernavoda plant. Contacted by HotNews.ro, CEZ informed the shares were sold for 7.4 million RON.

According to CEZ, the sale comes in line with the company plans to focus its main investments in the Czech Republic and in consolidating existing acquisitions abroad.

The conclusion of works at Cernavoda Units 3 and 4 would double the national production of electricity from nuclear sources in Romania. The Energonuclear company was established for the project, which is estimated at 4 billion euro. Energonuclear shareholders are: Nuclearelectrica SA 51%, RWE, GDF SUEZ, ENEL, CEZ, with 9.15% each, and ARCELOR MITTAL and IBERDROLA with 6.2% each.

Following the take over of the CEZ stake, Nuclearelectrica will hold 60.15% of the shares.

The Romanian state plans to sell part of its stake so that it become a minority shareholder. Should partners be willing to buy shares, we [the Romanian state] are willing to become a minority shareholder and should they not be interested in buying we would have to find procedures to find strategic investors elsewhere to cut our stake, Tudor Serban, an aide for the Economy minister, told HotNews.ro.