E.ON boosts stakes in ELMŰ, EMÁSZ in mandatory offer

Deals

The local unit of German utilities giant E.ON has raised its stakes in regional electricity distributors ELMŰ and EMÁSZ in mandatory public purchase offers that ran from November 7 until December 6, state news wire MTI reports, citing disclosures posted on the website of the Budapest Stock Exchange.

E.ON Hungária raised its stake in ELMŰ from 82.5% to 83.07% and its stake in EMÁSZ from 81.08% to 83.92%.

E.ON Hungária had made the purchase offers at prices of HUF 34,585 per share for ELMŰ and HUF 31,701 per share for EMÁSZ.

E.ON became the indirect majority owner of both ELMŰ and EMÁSZ after its acquisition of the companiesʼ parent, German peer Innogy, was approved by the European Commission on September 17. E.ONʼs acquisition of the majority stakes in ELMŰ and EMÁSZ triggered mandatory public purchase offers under capital market rules.

On October 4, the same day E.ON Hungária announced the public purchase offers for ELMŰ and EMÁSZ, separate disclosures revealed that E.ON Hungária would also acquire stakes in the two electricity distributors from Germanyʼs EnBW and the state-owned Hungarian Electricity Works (MVM).

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