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State's MFB buys gas firm stakes from state entities

Deals

The Hungarian government apparently moved further on plans to establish a state-owned public utility company yesterday, when Parliament approved measures allowing the National Development Bank (MFB) to acquire Budapest gas distributor Főgáz from the two state entities that now own it.

The government declared the acquisitions of "strategic importance for the national economy", thereby exempting the transaction from Competition Office (GVH), official gazette Magyar Közlöny said yesterday.

Under a resolution passed by Parliament yesterday, MFB will acquire 51% plus one vote of shares in Budapest gas distributor Főgáz from its current owner, the National Asset Management Company (MNV), Hungarian news agency MTI reported today.

The same resolution mandated the sale of state-owned Hungarian Electricity Work's MVM's 49.8% stake in Főgáz to MFB by December 31, 2014. The sale, to MFB and its investment unit MFB Invest, was approved at an MVM shareholders' meeting last Friday.

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