ENI confirms buyout of RWE from Hungarian gas company Tigáz

Energy Trade

Italian oil and gas company ENI purchased German electric utility company RWE's 44.2% stake in Hungarian regional gas company Tigáz on February 15, ENI told MTI on Wednesday, confirming press reports published in March. ENI's purchase of RWE's minority share in Tigáz raises the Italian oil and gas company's stake in the Hungarian gas company to around 97%, ENI said. ENI declined to reveal the price the company paid for RWE's stake in Tigáz or details surrounding its plans with regard to the Hungarian company. ENI could not provide MTI with information regarding Tigáz's final 2012 financial results. Tigáz sustained losses of HUF 12.3 billion in 2011, public records show.

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