CEZ together with Enel, Gas de France, Iberdrola and RWE made a final bid for a Romanian distribution company Electrica Muntenia Sud yesterday. Note that Electrica Muntenia Sud has 1.1m customers with a 15% market share. Romania expects to receive at least EUR750m for the 67% stake in the distributor, implying a price per customer of EUR 1,074. We believe that CEZ is highly interested in the company given its border with Electrica Oltenia, which CEZ already owns. The sale of the distributor should be finalized in the 2H of 2006. Until a decision regarding the sale is made and price paid is revealed we rate the news as neutral while reiterate our Buy recommendation.