Shareholders of electricity distributor Démász Nyrt approved a motion to delist the company's shares from the Budapest Stock Exchange (BÉT) following a buyout offer at an extraordinary meeting on Monday.
Electricite de France International (EDFI) is offering Ft 20,000 per share for the shares between September 25 and November 13. The BÉT has already approved a request to delist the shares. EDFI held 60.91% of Démász shares when it called the offer.
Shareholders also approved a motion on the transfer of Démász's network operation activities into a separate company, wholly owned by Démász, to be called Démász Network Distributor Zrt. Approval was granted only on the condition the transferred assets are exempt from taxes, including the so-called solidarity tax. If this condition is not met, another shareholders' meeting will decide on the separation. The measure is intended to meet an EU directive which requires electricity distributors to separate their network operation activities from their electricity distribution activities.