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Cabinet approves privatization of remaining ZSE stake

THE SLOVAK cabinet yesterday approved the completion of the privatization of the remaining 51 percent stake in the western Slovak energy distributor Západoslovenská energetika (ZSE), the Pravda daily wrote.

The cabinet agreed that 41 percent of the stake will go to E.ON Energie, a German company, which already owns a 49-percent stake in ZSE. The remaining 10 percent should be sold on the capital markets.

The price that E.ON Energie will pay for the 41-percent stake was not defined as yet. It will be established in two ways. One price will be calculated on the basis of the price that E.ON paid three years ago when acquiring the 49-percent stake plus market evaluation.

The other price should be established through the current market value of the company. Tatiana Lesajová, spokeswoman with the Slovak privatization agency Fond Národného Majetku, which currently owns the stake, said that the investor would pay the higher of the two prices.

In 2002 E.ON Energie paid Sk14.1 billion (€372 million) for the 49-percent stake.

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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