The National Bank of Hungary (MNB) has approved mandatory public purchase offers for the outstanding shares of regional electricity distributors ELMŰ and ÉMÁSZ by the local unit of German utilities giant E.ON, state news wire MTI reported.
The purchase offers, at the earlier announced prices of HUF 34,585 per share for ELMŰ and HUF 31,701 per share for ÉMÁSZ, will run from November 7 until December 6.
E.ON became the indirect majority owner of both ELMŰ and ÉMÁSZ 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 ÉMÁSZ triggered a mandatory public purchase offer under capital market rules.
On October 4, the same day E.ON Hungária announced the public purchase offers for ELMŰ and ÉMÁSZ, 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).
Free-float in ELMŰ stands at 1.64% and free-float in ÉMÁSZ at 5.8%, according to the latest shareholder data from October 9.