Italian company Enel and Czech energy group EPH have reached an agreement on all commercial and contractual terms of the transaction. The entry of the new shareholder will be possible only after fulfilling several conditions precedent.
Slovakia’s Prime Minister Robert Fico wants to sign the memorandum on the option to purchase a 17-percent stake in Slovenske Elektrarne with both, an old and a new owner. Affected parties allegedly agree. Will the old expression something for something be used in this case?
Enel’s CFO Alberto De Paoli says negotiations on the sale of the Italian stake in Slovak dominant electricity producer will take another 15 to 20 days.
Slovenske Elektrarne, controlled by Italian group Enel, reported its earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to 789 million euros over first nine months of this year.
The investigator of the National Criminal Agency has already charged L. K. with causing damage to the state by misleading accounting operations in the individual financial statements of Slovenske Elektrarne for the year 2005.
Slovakia’s Prime Minister says that if Italian Enel sells 33-percent out of its 66-percent stake in the power utility Slovenske Elektrarne to a new investor in the first round, the state will apply for the option to purchase a 17-percent stake which would be carried out after completion of Mochovce.
It will be interesting to watch the trinity of the extravagant state, tough businessmen and investor from southern Europe where system „tomorrow“ is very popular.
Prime Minister Robert Fico has not given up its intention to purchase some shares of Slovenske Elektrarne from Italian Enel which put up its 66-percent stake for sale.
Bratislava-based refinery disapproves that Italian company Enel had stopped providing information on the overall process of the completion of the third fourth blocks at Mochovce NPP.
The company Vodohospodarska Vystavba was supposed to announce a tender for the Gabcikovo hydropower plant overhaul in summer. It has not eventually been announced due to a possible crime during the operation of the power plant in the past.
It is yet unknown who was accused of particularly serious crime of violation of the duty to administer someone else’s property. Police officers also refused to specify whether Slovak or also Italian managers were involved.
The state has not yet agreed with Italian Enel to privatization settlement. It is hard to say whether the state uses highly sophisticated tactics, or is just unwilling to help Italians get rid of their stake in Slovenske Elektrarne for a better price.
Italian Enel and the state failed to settle privatisation of a 66-percent stake in Slovenske Elektrarne after almost ten years. This fact can play an important role in the sale of Slovenske Elektrarne.
The gas utility Slovensky Pynarensky Priemysel is given a task to elaborate an analysis to assess the possibility of raising state’s stake in the power utility Slovenske Elektrarne. SPP will cooperate with the consulting company KPMG for help.
Prime Minister Robert Fico did not rule out that state will be interested in acquiring a 17-percent stake of the 66-percent stake in Slovenske Elektarne put up for sale in the future.
The Slovak government is waiting for decision of the Italian investor in the sale of its majority stake in power utility Slovenske Elektarne, Economy Minister Vazil Hudak said.