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SSE transaction finalisedBusiness in short
9 Dec 2013 Compiled by Spectator staff Business
CZECH company Energetický a Průmyslový Holding (EPH) has definitely finished acquiring shares of the Stredoslovenská Energetika (SSE) energy supplier. EPH, owned by Czech businessmen Daniel Křetínský and Petr Kellner and Slovak J&T financial group, bought a 49-percent share with managerial control from Electricité de France for €400 million.
Economy Ministry spokesman Stanislav Jurikovič said that with the change of shareholders the state, which is the major owner of the firm, received better and stronger control over the company, as reported by the SITA newswire.
The new shareholder agreement redefines pre-emptive rights over a company’s shares and creates a new list of transactions to be approved by the state. This includes controlling material agreements where the counterparty of SSE might be a subject belonging to EPH. The agreements with the previous shareholder did not allow the state to block such contracts, Jurikovič said.
The shareholders have meanwhile agreed on new members for the board of directors and the supervisory board.
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