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Slovakia signs shareholder contract with Italian Enel

Xinhua, December 21, 2015 Adjust font size:

The shareholder contract will strengthen the state-owned stake in energy utility Slovenske elektrarne (SE), announced Slovak Economy Minister Vazil Hudak at a press conference on Monday.

The announcement was made following the signing of a memorandum of understanding between Slovakia and Enel Produzione concerning Italian company Enel's 66-percent stake in SE.

"The memorandum features two levels of state options for obtaining additional shares. First, there is a purchase option within six months after the launch of the third and fourth reactor blocks at Mochovce nuclear power plant. Then there is the right of first refusal, which will follow the [aforementioned] option and will make it possible to buy up to 100 percent of SE's shares," said Hudak.

Slovak Prime Minister Robert Fico announced at a press conference on Sunday (December 20) that Slovakia had been given the option of buying a further 17 percent of the shares in SE up to six months after all authorisations for the aforementioned reactor blocks at Mochovce are concluded.

If the option is applied, the state could acquire a 51-percent majority stake in SE, as it currently owns 34 percent. Endit