Hungarys MVM clears deal for purchasing E.ONs local units.

By bne IntelliNews March 21, 2013
The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar Nemzet. The clearance from MVM was the last step in the process, allowing the deal to be concluded shortly. The Hungarian parliament approved on March 5 an amendment to the 2013 budget act, which allows the government to guarantee 80% of the price for the deal. The amendment sets the absolute threshold of the guarantee at HUF 256bn (EUR 858.1mn), which suggests that the total price for the business is about EUR 1.079bn. E.ON's gas wholesale unit E.ON Foldgaz Trade Zrt is Hungary's biggest gas trader. Its storage unit E.ON Foldgaz Storage Zrt operates four gas storage facilities, with a total capacity of 4.2 billion cubic metres.
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