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Budapest local council mandates mayor to buy waterworks stake

The local council of Budapest on Monday mandated mayor István Tarlós to sign a contract on the repurchase of a stake in the capital's waterworks.

Tarlós will reveal details at a press conference scheduled for 2pm.

Tarlós said in a radio interview last week that the local council had reached an agreement to buy out the 25% plus one vote stake in the capital's waterworks held by the Hungarian units of France's Suez and Germany's RWE for HUF 15.1 billion.

The Budapest local council mandated Tarlós to cancel the city's waterworks contract with Suez and RWE at the end of February.