CEZ and E.ON start talks for Electrica

Czech Energy Group CEZ will start talks with the Romanian state with a view to buying the controlling interests in electrical power distributor Electrica Oltenia, while German company E.ON qualified at top of the list for the takeover of Electrica Moldova, sources close to the privatisation process told Ziarul Financiar. Officials from the Ministry of Economy and Trade had not commented by the time of going to press. The two companies, CEZ and E.ON, submitted improved and irrevocable bids early this month for both electricity distributors, Electrica Oltenia and Electrica Moldova. The state is selling 24.62% directly to the investors, who will then be left to acquire the remaining stock up to 51% through a capital increase. The share capital of each of the two electricity distributors stands at more than $120 million. ZF