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Budapest mayor, Suez CEO agree on repurchase of stake in waterworks

Budapest mayor István Tarlós agreed on Monday with French utilities company Suez Environment CEO Jean-Louis Chaussade on the repurchase of a minority stake in the capital's waterworks, the mayor's office told MTI.

Tarlós will speak about the details of the agreement at a press conference on Tuesday afternoon, the mayor's office said. 

The local council approved in March a letter of intent on the repurchase of the 25% stake in the waterworks held by Suez and Germany's RWE for HUF 15.1 billion. The local council mandated Tarlós to terminate the city's contract with the two companies if the repurchase was not finalized.