BRATISLAVA, June 15, (WEBNOVINY) — Foreign shareholders of the Slovak natural gas utility SPP, E.ON Ruhrgas and GDF Suez, have acknowledged they are holding talks with the Czech company EPH to sell their 49 percent stake in SPP. „E.ON Ruhrgas and GDF Suez have sent us a letter, by which they informed us about entering into negotiations with EPH about a potential change the ownership structure of the firm Slovak Gas Holding BV,“ informed the Ministry of Economy. Through the Slovak Gas Holding that the foreign shareholders own, they control a minority stake in SPP.
The Slovak Ministry of Economy also plans to enter into talks with EPH. As soon as possible the ministry wants to inform the Cabinet about its steps. The ministry was also informed in the letter that EHP last year conducted due diligence in the target company with the exception of the SPP shareholder agreement and the current development in the company. „Negotiations of the parties involved are proceeding positively in all fundamental areas relating to a contract on the purchase and sale of shares,“ said the Ministry of Economy.
Two shareholders of the Czech energy group EPH Daniel Kretinsky and Petr Kellner have confirmed some time ago their negotiations and interest in buying a minority share of SPP. Czech entrepreneur Kretinsky who owns 20-percent in EPH said in March that the outcome of negotiations should be known within three months. According to Kellner, who owns 40 percent in EPH, an agreement was still a long way off.
SPP is a multinational energy company and is directly linked to more than 150 years tradition of the gas industry in Slovakia. SPP supplies energy and related services in Slovakia and on international markets. Shareholders in SPP are the Slovak Republic represented by the National Property Fund (51%) and Slovak Gas Holding consortium consisting of E.ON Ruhrgas and GDF SUEZ (49%). Foreign shareholders have entered into SPP in 2002. Czech EPH conglomerate, in which 40-percent stake held by the investment group J&T, comprises more than twenty companies in the business of electricity, heating and electricity trade.
SITA