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CEZ Planning More Acquisitions In Romania

01-21-05 07:24

Czech energy group CEZ, one of the leading players on the energy market in Central and Eastern Europe, is planning to buy four more energy companies in Romania in 2005, according to Vladimir Schmalz, CEZ's mergers and acquisitions director.

He says CEZ sees the upcoming privatisations of electricity distributor Electrica Muntenia Sud and the power generation plants of Rovinari, Turceni and Craiova as "the next opportunities for acquiring assets this year."

CEZ has concluded talks with the Romanian State over the acquisition of Electrica Oltenia, Romania's biggest electricity distributor, and is to sign the privatisation contract for 51% of the shares by February.

The total transaction is estimated at 150 million euros, of which 43-47 million euros is for 24.62%, with the rest going on a capital contribution, sources close to the deal say. "Our aim is to analyse these assets and if we see a good opportunity then we will make a bid," said Schmalz. CEZ officials were unavailable for comment.

The Czech energy group has been engaged in an aggressive acquisition campaign in the region over the last two years, having already bought electricity distributors in Bulgaria and Romania. It recently joined the race for the takeover of energy generation facilities in Bulgaria, and plans to do the same in Romania.