E.ON Romania eyes state's stakes in power distributor E.ON Moldova units.

By bne IntelliNews November 4, 2010
E.ON Romania is interested in buying the state-owned minority stakes in electricity distributor E.ON Moldova units E.ON Moldova Distributie (27%) and E.ON Moldova Furnizare (27%), in both of which it holds the majority stakes of 51%, Ziarul Financiar daily reported quoting a news release. E.ON Romania, the local branch of the German utilities group E.ON, acquired the majority stakes in 2005 under a privatisation contract, which stipulates a methodology for calculating the price assigned to such pre-emptive rights. E.ON paid EUR 32.2mn for 24.62% of Electrica Moldova in 2005 and further contributed to the company's capital EUR 68.8mn, thus raising its stake to 51%. Meanwhile, Electrica Moldova was re-named to E.ON Moldova and was split into E.ON Moldova Distributie and E.ON Moldova Furnizare under the unbundling procedures for the utilities companies. The state could receive EUR 50mn-90mn according to analysts, quoted by the daily. The other owner is Property Fund with 22% stakes in both units. There is no information whether E.ON Romania is interested in the Property Fund stakes.

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