RSS
Enel temporarily suspended the sale of assets in Romania
Enel suspended temporarily the sale of assets in Romania, as last year they managed to reduce the degree of debt, after one month before the executive manager of the Italian group said that the sale was going to take place this year.
‘Enel confirms the fact that the selling process of the assets in Romania was suspended temporarily. The sale of the Enel Romania assets was part of a programme of tradings which aimed at collecting up to 4 billion euro until the end of 2014 for the reduction of the debt. As a result of the successful finalisation of several initiatives in 2014, this target was reached’ the press office of the Enel group said.
The executive manager of Enel,Francesco Starace, said at mid-January that the group will sell assets in Romania and Slovakia this year, saying that the group received offers. ‘We have offers. We know the process could be stopped any time between now and June. The assets will be sold in 2015,so that as regards the payment of the debt will be better than we planned’ Starace said on 12 January.
Enel announced in 2014 that they wanted to get over 4 billion euro of the sale of the operations in Romania and Slovakia.
In November last year,Enel drew 3.13 billion euro out of the sale through public bid of 21.92% of the shares owned by the Spanish company Endesa.The Italian group owned shares of 92% in the Endesa.
In Romania, where Enel controls a third of the market of electricity distribution, the group owns 6.4% of the Enel Distributie Muntenia and Enel Energie Muntenia, 51% of Enel Distribu?ie Banat, Enel Distribu?ie Dobrogea and Enel Energie, as well as 100% of the sercives company Enel Romania (owned through Enel Investment Holding BV).
Enel got on the electricity Romanian market in 2005 when they bought from the state the distribution and supplying companies for electricity Electrica Banat and Electrica Dobrogea for which they paid, as a whole, 127,4 million euro.
In 2008, Enel took over Electrica Muntenia Sud which supplies Bucharest with electricity, as well as Ilfov and Giurgiu for which they paid to the state 432,9 million euro. All the three companies were privatised through the sale of shares followed by the increase of capital on the part of the buyer.
Enel paid to the state, in April of 2008 the sum of 394.8 million euro for 50% of the shares of Electrica Muntenia Sud and after an increase of capital of 425 million euro, the Italian group got to a share of 64.4%.Later, the sale price of the shares was adjusted up by 38 million euro, so that the sum paid to the state got to 432.9 million euro.