CZECH company Energetický a Průmyslový Holding (EPH) has bought a 49-percent share in Slovenský Plynárenský Priemysel (SPP), Slovakia’s main gas utility, for €2.6 billion from its previous joint owners, Germany’s E.ON Ruhrgas and France’s GDF Suez, the SITA newswire reported on January 15.
The Slovak Economy Ministry expects the whole transaction to be completed by the end of January.
“The negotiations between the previous shareholders of Slovak Gas Holding [the E.ON Ruhrgas - GDF Suez shareholding vehicle] and EPH were closed, [but] we are still waiting for the statement of the anti-trust authorities and the opinions of the financing banks,” said Economy Ministry spokesperson Stanislav Jurikovič, as quoted by SITA.
After completion of the transaction the ministry will start the process of choosing an advisor who will carry out an audit of SPP, based on which the state will decide whether to purchase the minority share of SPP from EPH, which will allow it to control the setting of gas prices. In return, EPH will be allowed to control the profit-making subsidiaries of SPP, SITA wrote.
21. Jan 2013 at 0:00 | Compiled by Spectator staff