Competition authority won't check pipeline deal

Deals

The Hungarian government has decided that the competition authority cannot scrutinize the acquisition of the shares of Magyar Gáz Tranzit by the Hungarian National Asset Management Company (MNV) because the acquisition is of “national strategic significance”, the official bulletin Magyar Közlöny reported yesterday.

The government said that the deal is necessary in order to comply with European Union regulations on separation of ownership.

Magyar Gáz Tranzit, is the project company for a gas interconnector between the country and Slovakia.

The state-owned MNV is acquiring the 49.98% stake from the Hungarian Electricity Works (MVM), also state-owned, along with a similarly sized stake held by MFB Invest, a unit of another state owned institute – the Hungarian Development Bank (MFB). The remaining shares of Magyar Gáz Tranzit are currently, and so far, owned by the local council of Hévíz in western Hungary.

A shareholders' meeting of state-owned Hungarian Electricity Works (MVM) approved the sale of its 49.98% stake in Magyar Gáz Tranzit to the state assets manager for HUF 3.75bn on September 30.

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