ENEL expects biding offers for the assets in Romania by the end of November

The head of Italian utility group Enel, Francesco Starance, yesterday said that the announced sale of the assets held in Romania and Slovakia, respectively, will be carried out shortly. Speaking in a parliamentary hearing, he restated that Enel expects biding offers for the assets in question by the end of November, as the rating agencies had told the group in November to reduce its outstanding debt to some 47 billion euro, if its ratings were to be maintained, reads Reuters.

As Europe’s most indebted group, Enel intends to dispose of assets to cover about 4 billion euro, the sale of the Romanian and Slovakian assets being part of the sale programme relative to the strategy of cutting its financial liabilities.

In Romania, the utility group aims to sell the 64.4 percent stake in Enel Distributie Muntenia and Enel Energie Muntenia, the 51 percent stake in Enel Distributie Banat, Enel Distributie Dobrogea and Enel Energie, as well as the whole interest in Enel Romania which is controlled by Enel through Enel Investment Holding.

Nuclearelectrica, Romania’s nuclear power producer, has already confirmed interest in Enel’s domestic operations, yet, the company is still examining the opportunity to involve in this transaction. Electrica is also very likely to engage in the sale, as the Ministry of Energy, who still controls the majority stake in the distribution company, is seeking to regain control on Enel Dobrogea, which is regarded as a strategic asset.