CEZ plans to buy minority shares packages from the companies it controls in Romania

The energy group from the Czech Republic started negotiating for minor share packages from the companies it controls in Romania, CEZ representatives announced on Wednesday, quoted by Reuters.

CEZ bought the majority share package from Electrica Oltenia, a company distributing electricity, in 2005. According to the contract, CEZ is entitled to buy all minority share packages as well, CEZ spokeswoman Eva Novakova said.

Fondul Proprietatea (Property Fund) shareholders announced that their decision regarding CEZ offer of buying minority participations in three energy companies controlled by CEZ would be made public on July 27.

„CEZ representatives informed us that they intend to buy not only the shares from Electrica, but also from the two subsidiaries owned by Fondul Proprietatea. Our lawyers are currently analysing the legal constraints and the way in which the transaction would be possible. Fondul Proprietatea shareholders will draw in to a conclusion afterwards”, Fondul Proprietatea head management Daniela Lulache said, quoting NewsIn.

According to her, Fondul Proprietatea might get 211 million euros by selling the participations of the three companies, following an audit performed by PricewaterhouseCoopers.

CEZ Romania is currently made up by four companies: CEZ Distribution, CEZ Selling, CEZ Trade and CEZ Services. Three of them, namely the distribution, services and sales, control 50% of the shares. Fondul Proprietatea controls 30% of CEZ Distribution and CEZ Sales shares, and 12% of CEZ Services. The rest of the shares are owned by Electrica SA company.