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MVM clears purchase of E.ON gas business

The assembly of state-owned energy group MVM Zrt has approved the purchase of the natural gas business of German peer E.ON, political daily Magyar Nemzet reported. The sides involved, E.ON and the Hungarian state, have already finalized the terms of the purchase, clearance from MVM was the last step in the process, allowing the deal to be concluded shortly. The exact value of the deal is unknown, but the government has committed to guaranteeing up to 80% of the privately agreed purchase price and earmarked €875 million for the purpose in this year’s budget.