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Cabinet approves Enel deal

THE CABINET yesterday approved the sale of a 66-percent stake in the country's power producer Slovenské elektrárne (SE), to Italian company Enel. The final version of the transaction documents was also approved, according to the business daily Hospodárske noviny.

Economy Minister Pavol Rusko said the contract between the state and the purchaser should be signed "as soon as possible". This is expected to take place in January.

Enel will pay €840 million (Sk32.8 billion) for the SE stake. After the transaction is signed, it will pay the first 20 percent of the sum and the rest should be paid by the end of June 2005. By this time, Enel is also expected to agree with the Cabinet on an investment programme in line with the Cabinet's energy policy.

If that does not happen, the Cabinet has the right to withdraw from the transaction, according to the TASR news agency.

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

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