Enel transfers 820M euros to take over Electrica Muntenia Sud

Enel electricity company transferred in an escrow account to Romania, about 820 million euros, representing the transaction value to take over Electrica Muntenia Sud electricity supplier and it expects the negotiation to be completed within a few days, says Enel Romania president Matteo Codazzi.
The money representing the transaction’s entire value is ready to be transferred to the Romanian party, when the transaction is completed, as the privatization agreement reads. "We express our satisfaction that all the actively involved parties have worked together, successfully fulfilling the obligations the privatization accord stipulates. Thus, we currently expect the transaction to end in a couple of days, reads a press release quoting Codazzi as saying.
According to him, Enel and Electrica signed a statement on April 15, 2008, confirming that all the terms have been met for the transaction to be reached.
Electrica Muntenia Sud privatization contract was signed in June 2007. Thus, Enel can take over 51 percent of the branch’s stocks, and it will later be allowed to buy up to 67.5 percent of the shares, after the nominal capital is increased.
In Romania, Enel still owns branches such as Electrica Banat and Electrica Dobrogea.
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