EDF increases its stake in Hungarian power distributor Démász
Electricite de France SA, France's largest power company, boosted its stake in Hungary's biggest power distributor Démász Nyrt to 95.1%.
EDF increased its stake in the Szeged, southeast Hungary-based company from 61%, Démász said in a stock exchange statement today. EDF on October 16 offered Ft 20,000 ($99) a share to buy the 39% in Démász it didn't already own. That offer closed November 13. The France power company bought its majority stake in Démász in 1995. Its main competitor in Hungary is E.ON AG, the country's largest electricity distributor which has spent €1 billion ($1.3 billion) expanding here in the past 10 years. Démász shareholders on October 16 also approved withdrawing the company's shares from the Budapest bourse. Démász's board will hand in the request for withdrawal to bourse executives, Démász said. (Bloomberg)
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.