Enel: Sales of active stock in Romania and Slovakia in advanced stage

The sales process of Enel active stock in Romania and Slovakia is in advanced stage, according to the general manager of the group, Francesco Starace, who reiterated that investors interested in the sales can present offers until the end of November.

“The sale of active stock is in advanced stage. There are potential buyers and offers will be received in each country until the end of November,”said Starace at a hearing in the Italian parliament, quoted by the online publication Il Sole 24 Hours.

Starace pointed out that the sale of Enel stock in Romania and Slovakia “does not represent a lack of confidence in the two markets,” but that units in the two countries were easily identified in the attempt to reach the figure targeted by the program for curbing debts.

Enel is the utility company with the biggest debts in Europe, so the Italian group decided to sell stock of over 4 billion euro until the end of 2014 to reduce the level of debts and preserve the rating for investments.

In Romania, where Enel holds a third of the energy distribution the group wants to sell 64.4% of Enel Distributie Muntenia and Enel Energie Muntenia, 51% of Enel Distributie Banat, Enel Distributie Dobrogea and Enel Energie, as well as 100% of the service company Enel Romania (owned by means of Enel Investment Holding BV).

State company Nuclearelectrica announced in September that it analysed the possibility to buy a part of Enel operations in Romania but has not made any offer yet.

Enel companies in Romania registered incomes of 1.12 billion euro in 2014 and profit before interest rates, taxes, depreciation (EBITDA) of 289 million euro.

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