Czech energy group CEZ, which controls former Electrica Oltenia, says it is also holding talks with Electrica about fully taking over CEZ Distribution, CEZ Sales and CEZ Services, after notifying the Property Fund about its intention to exercise its purchase option. These companies resulted from the restructuring of the former Electrica Oltenia, with an additional company being set up - CEZ Trade. According to estimates made by representatives of the Fund, the stakes held in the three CEZ companies are worth at least 550 million RON (131 million euros). Electrica representatives could not be contacted for comment.
"We launched talks with holders of minority stakes, but since these negotiations are underway, we cannot comment or provide additional details," specified representatives of the Czech group.
CEZ holds 51% in CEZ Distribution and in CEZ Sales, with the rest of the capital being divided between the Property Fund (30%) and Electrica (19%).
The Czech group also holds 51% in the capital of CEZ Services, Electrica holds 37% and PF has 12%. Under the circumstances, Electrica could in turn collect a sum similar to that forecast by the Property Fund.
"On June 26th, the Property Fund received a notification from CEZ whereby the company wants to exert its purchase option for shares held by the Fund in CEZ Distribution and CEZ Sales respectively, according to the privatisation contract signed by Electrica SA and CEZ," say representatives of the Property Fund.
At the time of the privatisation of Electrica Oltenia, the Czechs at CEZ paid 166.5 million euros to secure the 51% stake in the company.
After the takeover, CEZ restructured the company and divided it as follows: distribution, supply, services and trading. CEZ, a group with 407 million-euro revenues in 2008, is also involved in a series of big electricity generati
