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EPH definitely buys SSE

Czech company Energetický a průmyslový holding (EPH) will definitely own a minority stake in the Stredoslovenská Energetika (SSE) company. The previous owner, Electricité de France, signed the agreement with EPH on May 24 in which they agreed on the sale for €400 million.

Czech company Energetický a průmyslový holding (EPH) will definitely own a minority stake in the Stredoslovenská Energetika (SSE) company. The previous owner, Electricité de France, signed the agreement with EPH on May 24 in which they agreed on the sale for €400 million.

Chair of the board of directors at EPH Daniel Křetínský said that with the acquisition the company will strengthen its position in the area of regulated assets.

“Part of the strategy of EPH in Slovakia will be the increase in the offer of electricity produced in its own resources,” Křetínsky said, as quoted by SITA. “This will significantly increase the competitiveness on Slovak wholesale market with electricity.”

The transaction will have to be definitely confirmed at the general meeting of shareholders, as well as anti-fraud authorities. The end of transaction is planned to take place in the second half of the year, SITA reported.

Energy expert Eduard Metke warned against the acquisition of SSE by EPH. He told the TASR newswire that that the state, which is the majority shareholder in SSE, should not agree with the transaction and vote against it.

“Since EPH [with a 49-percent stake in Slovak gas utility SPP] and SSE are monopolous as suppliers of energy in the given area, there is a risk of them forming an even more powerful monopoly, which could in the end result in higher prices of both commodities for clients,” he explained, as quoted by TASR.

At the moment SSE is party owned by the state, with controls 51 percent of the shares, and Electricité de France which bought the 49-percent stake 10 years ago for €158 million. The company supplies about 712,000 customers with electricity, as well as the natural gas, SITA wrote.

EPH belongs to Czech businessmen Petr Kellner and Daniel Křetínský, as well as the Slovak J&T financial group.

Source: SITA, TASR

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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