Czech Coal appeals sale of UKs International Power local assets.

By bne IntelliNews December 14, 2009
Local energy group Czech Coal appealed the approval of the deal of Czech-Slovak private equity company J&T Group granted in early-November by the antitrust office UOHS. Czech Coal claimed that the transaction violated competition rules as J&T does in fact operate on the energy market. The transaction enabled J&T to acquire 100% stakes in local energy company International Power Opatovice, including its 48.67% stake in heating company Prazska Teplarenska and its 100% subsidiary Energotrans. The deal was worth CZK 22.5bn (EUR 863.1mn) in July. J&T has meanwhile reached an agreement with CEZ for selling 48.67% stake in Prazska Teplarenska, estimated at CZK 6.5bn. Czech Coal has earlier complained that the deal significantly strengthened the dominant position of J&T and CEZ on the relevant markets and threatened consumers interests, on which basis UOHS has started its assessment. In late-November the European Commission carried out unannounced inspections at the premises of CEZ and at the joint venture Energeticky a Prumyslovy Holding (EPH), which was established by local financial group PPF and J&T. The EC officials seized documents for further investigation.

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