“We finalized the negotiations with CEZ, and during the General Meeting of Shareholders on 7 September, the transaction by which we will receive €229.59 million for our shares in the former Electrica Oltenia is to be approved,” the Chairman of the Supervisory Board of Fondul Proprietatea, Mircea Ursache, told Business Standard yesterday.
CEZ Distribution had net sales worth RON 811.87 mln (€220.456 mln) last year and a net profit of RON 241.06 mln (€65.46 mln). CEZ Sale registered RON 1.294 billion (€351.43 mln) in net sales in 2008 and a net profit of RON 3.043 mln (€0.838 mln).
The negotiations between CEZ, Fondul Proprietatea, and Electrica took about two months, and the price initially offered per share rose by some 19 percent. Originally, CEZ offered some €314.6 mln for the share packages, of which €192.68 mln for the stock owned by Fondul Proprietatea and €121.99 mln for Electrica’s package.
