Yesterday CEZ signed a purchase contract with Electrica Oltenia, the Romanian distribution company. CEZ paid EUR 47.4m for the 24.62% stake. CEZ is obliged to increase Oltenia’s capital to 51% at a further cost of EUR 103.6m.
In addition, CEZ made a preliminary offer for a 39.2% stake in PAK (Patnov-Adamov-Konin), a group of electricity producers in Poland. The indicative offer will allow CEZ into the due diligence process to decide whether to proceed with its offer. The move is in line with CEZ’s expansion strategy to become a leading utility in the CEE region and the Balkans. Neutral. Source: Bloomberg