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Hungary’s government to continue nationalization

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Photo by Dave Martin/Mountain Leon

Following its majority stake acquisition in Budapest natural gas supplier Főgáz, the government is planning to continue acquisitions in order to increase state control over key strategic sectors, such as the electricity and natural gas market, National Development Minister Miklós Seszták told Hungarian daily Napi Gazdaság.

Hungary’s National Development Ministry and state owned companies are expected to see changes in staff while the state continues to acquire ownership shares in key strategic sectors, the minister said.

The ministry is currently in advanced discussions with German-based energy supplier E.ON, meanwhile the buyout process of foreign shareholders from Bombardier MÁV has already started.

Though joint ownership is possible, the minister suggests the government acquire majority stakes these companies.

In keeping with this approach, the government is seeking to gain full ownership of energy wholesaler MVM, in which the government currently holds 99.91% of the shares. The government is also eyeing the sewer network of Budapest (FCSM) and the capital's public-area maintenance company (FKF).

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