ADVERTISEMENT

EDF to buy remaining 4.9% stake in Hungarian power distributor

In Hungary

Electricite de France SA, France's largest power company, is buying the shares it doesn't own in Hungary's biggest power distributor Démász Nyrt after boosting its stake in the company to 95.1% last week.

EDF will pay the same Ft 20,000 ($100) per share price it paid during its public offer that closed November 13, the company said in an e-mailed statement today. The current offer for Démász's minority stake runs until December 6. The French power company began buying shares in Démász, based in Szeged, southeast Hungary, in 1995.

Its main competitor locally is E.ON AG, the country's largest electricity distributor, which has spent €1 billion ($1.3 billion) expanding in Hungary the past 10 years. EDF said it will also initiate the delisting of Démász shares from the Hungarian bourse at its shareholders meeting December 22. Shares in Démász were up 1.2% at 19,840 forint at 11:20 a.m. in Budapest. (Bloomberg)

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.