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SPP sale contract signed

A sale contract for a 49 per cent stake in gas utility SPP was signed yesterday between the Slovak government and representatives of the purchasing consortium – Gaz de France, Ruhrgas and Gazprom. While the first two companies will be splitting the purchase amount – $2.7 billion – between them, allegedly because of cash-flow problems at Gazprom, all three will have an equal say in the running of SPP. Gazprom has pre-emptive purchase rights on its one-third share of the stake for two years. The $2.7 the state earns on SPP, following the publication of tender documents on March 18 on the Privatisation Ministry web site, is $350 million more than privatisation advisor CSFB predicted the stake might fetch. CSFB had expected a sum of between $1.83 and 2.35 billion.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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