E.ON Hungária further boosts stakes in ELMŰ, EMÁSZ

Deals

The local unit of German utilities giant E.ON has raised its stakes in regional electricity distributors ELMŰ and EMÁSZ with the acquisition of state-owned Hungarian Electricity Worksʼ (MVM) holdings in the companies, E.ON told state news wire MTI.

E.ON acquired MVMʼs 15.86% stake in ELMŰ and 13.11% stake in EMÁSZ.

Following the acquisition E.ON directly owns 43.69% in ELMŰ and 42.76% in EMÁSZ.

MVM said on October 4 that it had agreed to sell E.ON Hungaria its stakes in ELMŰ and EMÁSZ, while acquiring a 25% stake in E.ON Hungaria.

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. 

Combined with Innogyʼs holdings E.ON now controls a 98.94% stake in ELMŰ and a 97.03% stake in EMÁSZ.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.