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Enel takes over Electrica Muntenia Sud officially on Monday

Luni, 11 iunie 2007, 0:00

The privatization contract by which Romanian utility company Electrica Muntenia Sud is bought by Italian group Enel will be signed on Monday.

Enel president Fulvio Conti had first come for the contract signing ceremony in Bucharest last week, but the Romanian Authority for State Assets Recovery-AVAS postponed the ceremony on Thursday as the governmental decision on the issue had not been published in the Official Gazette.

Enel will buy 50% of Electrica shares directly and is due to reach a portfolio of 67.5% as the company is expected to go through a capital increase.

Enel won the privatization bid for Electrica Muntenia Sud - the largest branch of Romanian utility group Electrica - in the summer of 2006. Enel offered 820 million euro for the 67.5% state.

The state-owned Electrica used to have eight branches, but four of them were already sold in 2004-2005. Enel bought Electrica Banat and Electrica Dobrogea, while Czech company CEZ bought Electrica Oltenia and E.ON acquired Electrica Moldova.

Several weeks ago, the Economy Ministry announced it planned to sell all energy distributors and energy complexes in Romania by the end of 2007.

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