“Electrica and Fondul Proprietatea want between €350 and €400 million for their CEZ Vanzare and CEZ Distributie share packages, which belonged to the former Electrica Oltenia,” said the quoted sources. These same sources indicated that Electrica and Proprietatea Fund want an additional 15-20 percent, and that at present negotiations do not include shares for CEZ Servicii, which the two also want to offload.
Fondul Proprietatea shareholders are holding a meeting today in which they are due to approve the sale of their 30 percent shares in the two CEZ companies. They also own 12 percent of CEZ Servicii. Electrica has 18.99 percent of CEZ Distributie and CEZ Vanzare, and 37 percent of CEZ Servicii
With 51 percent of the shares, the Czech company controls the three companies.
Because the sale of the shares is due to be finalized within 30 working days of the 26 June sales option, the sources explained that “if the transaction does not take place by 7 August, an additional document will be necessary for the privatization contract to extend the deadline.”
Electrica is being assisted in the transaction by the Sova&Asociatii law firm, while legal counsel for CEZ is being provided by Tuca Zbarcea&Asociatii. Popovici, Nitu si Asociatii is advising Fondul Proprietatea in connection with the CEZ offer.
