Czech energy company CEZ, the buyer of the largest electricity distributor in Romania, Electrica Oltenia, has made a strategic move in its quest to expand on the domestic market by having the man in charge of privatisation at Electrica join its management team.
Doru Voicu, 38, became the new business development director for CEZ in Romania in mid September. His position with Electrica was taken over by Catalin Stancu. Voicu co-ordinated Electrica”s team during the privation process for both CEZ – at Electrica Oltenia – and the other branches already sold to Enel (Italy) – Electrica Banat and Electrica Dobrogea – and Germany”s E.ON – Electrica Moldova. He was also a member of Electrica”s managing board.
Austrian group OMV made a similar move after acquiring the majority stake in Petrom by bringing Marian Dinu – one of the legal advisors to the state in the privatisation process – on board as head of the corporate-legal affairs department at the Romanian company. Voicu was hired by Electrica in 1996 and placed in charge of the privatisation process in 1999. CEZ bought the 51% stake in Electrica Oltenia this year in a deal worth a total of 150 million euros. One third of this money accounted for the price for 24.62% in the company, with the rest being contributed in the form of a capital increase.
The Czech company has been engaged in an acquisition campaign in the South-East Europe region and is now on the list of ten investors to have submitted letters of intent for Electrica Muntenia Sud, nicknamed “Electrica”s crown jewel” by analysts. CEZ”s acquisition list for Romania includes the three complexes in Oltenia that produce electricity, its management recently announced.
adrian.mirsanu@zf.ro