The Bulgarian antimonopoly regulator approved the acquisition of the three Bulgarian power distributors. CEZ won the tender for the three power distributors in the Western region for EUR 281.5m (CZK 8.9m). The Bulgarian government expects all sale issues to be completed by the end of the year.
Separately, the Slovak government again postponed the approval of the sale contract of Slovenske elektrarne (SE) to Enel because of some disputes on legal issues. The economy minister said the contract should be approved next week on December 8. We remind that Enel was chosen as the tender winner with an offer of EUR 840m. CEZ came second with an offer of EUR 690m. Despite that fact that the Slovak government has postponed the decision several times already, we see CEZ’s chances of getting back into the tender as minimal.
Emilia Zampieri, Patria Finance