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EdF sells stake in SSEFocus short
9 Sep 2013 Compiled by Spectator staff Foreigners in Slovakia
THE FRENCH energy company Electricité de France is selling its 49-percent stake in the regional power distributor Stredoslovenská Energetika (SSE) to the Czech energy concern Energetický a Průmyslový Holding (EPH).
The general assembly of SSE has already approved the new shareholder, but the deal is still subject to approval by the Antitrust Office. This is expected in October.
EdF and EPH signed the contract on the sale of the 49-percent share in late May. The volume of the transaction is about €400 million.
EdF held the managerial control in SSE. Now the state, which controls a 51-percent stake, wants to take a stronger position in the company since the French investor would hand off managerial control to the new shareholder, the SITA newswire wrote September 2.
“For the time being there are negotiations which will lead to strengthening of the [position] of the tate in this company and what the new shareholder agreement will contain,” Economy Ministry spokesperson Stanislav Jurikovič said, as cited by SITA, adding that the ministry will reveal details only after negotiations are over.
SSE supplies electricity to nearly 712,000 clients. Apart from electricity it also supplies natural gas. Its main area of operation is central Slovakia and its history dates back more than 85 years.
EdF acquired the 49-percent share in SSE more than 10 years ago for €158 million. The rest of the shares are in hands of the state via the National Property Fund.
EPH holds stakes in SPPDistribúcia and Eustream.More from Foreigners in Slovakia
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