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State will decide over SPP purchase by June 2014

THE SLOVAK government will postpone its plans to become a 100-percent stakeholder in Slovenský Plynárenský Priemysel (SPP) gas utility. Unlike the original plans to get the 49-percent share in the firm by the end of 2013, the state might decide over acquring the remaining stock by June 2014, Economy Minister Tomáš Malatinský said in the interview with the TASR newswire.

THE SLOVAK government will postpone its plans to become a 100-percent stakeholder in Slovenský Plynárenský Priemysel (SPP) gas utility. Unlike the original plans to get the 49-percent share in the firm by the end of 2013, the state might decide over acquring the remaining stock by June 2014, Economy Minister Tomáš Malatinský said in the interview with the TASR newswire.

The basic condition for acquiring the 100-percent share in SPP are negotiations with Russian gas utility Gazprom over the decrease in gas prices, Malatinský said. He considers the current results good, but added that they want to continue in discussion to get better conditions. Malatinský has not specified any details.

Malatinský added that if they do not make agreement with Gazprom the state will not acquire the remaining minority share in SPP, as reported by TASR.

The minority share in SPP is currently owned by Energetický a Průmyslový Holding (EPH), controlled by Czech entrepreneur Daniel Křetínský and the Slovak financial group J&T, which acquired it in January 2013 from E.ON and GDF Suez for €2.6 billion.

The Slovak government green-lighted the takeover of the 49-percent stake and managerial control in SPP from the EPH on September 4. In exchange for the 49-percent stake, the government will take over half of the company’s debt, €59 million, from EPH.

Source: TASR

For more information about this story please see: SPP sails into state's hands

Compiled by Radka Minarechová from press reports

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