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MVM, MNV to sign shareholders' loan agreement

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The state-owned Hungarian energy group MVM is to sign a shareholders' loan agreement with the Hungarian national asset manager MNV in order to provide financing for MVM's E.ON transaction, MVM's shareholders' meeting decided on Thursday. 

The transaction could be closed at the end of September; integration processes are progressing as scheduled.

MNV Zrt as the biggest shareholder is to provide a shareholders' loan of HUF 71 billion in order to secure financing for the purchase of the Hungarian gas utilities of German utilities company E.ON until the company's capital raise. Several of MVM Zrt's other shareholders have indicated that they would participate in the capital raise, MVM said. The purchase transaction is expected to close on September 30.

MVM announced on March 28 that it had signed an agreement to purchase the gas units of German utilities company E.ON for about €870 million.

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