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Brussels approves Enel deal

THE EUROPEAN Commission (EC) approved the purchase of Slovak power producer Slovenské elektrárne (SE) by Italian energy company Enel.

According to the EC the activities of Enel and SE do not overlap and the acquisition should not prevent economic competition in the European Economic Area, the SME daily wrote.

Enel and Slovakia signed the privatization contract on the sale of a 66 percent stake in SE to Italians on February 17 this year. Enel will pay €840 million for the majority stake. Currently Enel is working on meeting Slovakia's 16 conditions to take over SE, including the preparation of an investment plan and the exclusion of A1 and V1 power plants from the SE structure. The process should be completed by June 30, 2005.

After all conditions are met the so-called closing phase will start and when that is completed, Enel will definitively enter the SE. According to Slovak Economy Minister Pavol Rusko, this will happen in the second half of 2005.

Compiled by Martina Jurinová from press reports
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