Electrica: Preliminary discussions with FP on potential acquisition of the stakes held in its subsidiaries

Electrica is discussing with Fondul Proprietatea about the potential acquisition of the minority stakes the fund holds in its three distribution subsidiary, as well as in its supply division, the distribution and supply company announced in a release sent to the Bucharest Stock Exchange.

“Electrica S.A. hereby informs shareholders and investors that there are preliminary discussions between Electrica and FP in relation to a potential acquisition by Electrica of the minority participations held by FP in the following subsidiaries: S.C. FDEE Electrica Distributie Muntenia Nord S.A., S.C. FDEE Electrica Distributie Transilvania Sud S.A., S.C. FDEE Electrica Distributie Transilvania Nord S.A., and Electrica Furnizare S.A.”, states the informing.

The company mentions that talks are in early stage and neither of the parties has undertaken any obligation about a possible agreement, hence it is premature to anticipate whether or not the transaction will be completed.

Fondul Proprietatea holds 21.99 percent of the shares in Electrica Distributie Nord, a 22 percent stake in Electrica Distributie Transilvania Nord, a 21.99 percent participation in Electrica Distributie Transilvania Sud, and 22 percent of the shares in Electrica Furnizare.

According to the 2013 year-end information, the fund's stakes in Electrica's subsidiaries are valued at approximately 770 million lei.