Romanias Electrica to sell residual stake in local power network to Enel.

By bne IntelliNews August 1, 2012
Former Romanian power distribution monopoly Electrica will sell a residual stake of 13.57% in regional network Electrica Muntenia Sud (EMS) to its majority shareholder - Enel Romania, for some EUR 375mn, finance minister Florin Georgescu was quoted as saying by Adevarul daily. In particular, the state will sell its stakes in the two companies, which were created with the split of EMS. EMS was split into Enel Distributie Muntenia and Enel Energie Muntenia - yet, the two are still referred to as EMS. Enel took over the majority stake in Electrica Muntenia Sud in 2008 and the state has an option to sell its stake to the Italian investor. The Romanian state still holds 23.57% in the two companies. Nonetheless, a 10% stake is to be sold to employees. Italy's Enel holds 64.43% in each of them through a Dutch-registered vehicle, while the Property Fund holds 12%.
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