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MVM starts due diligence at E.On gas business

The state-owned Hungarian Electricity Works (MVM) has started due diligence at the Hungarian gas business of German utilities giant E.On, business daily Napi Gazdaság said on Thursday.

The paper said it is the third time in the past several years that MVM has taken steps to buy back the business, but this time is the most serious.

Prime Minister Viktor Orbán mentioned the planned repurchase late in summer.

The prime minister told a meeting of Hungary's ambassadors earlier that the government wanted to turn Hungary's utilities in a non-profit sector. He added that the move was expected to cause contention with Brussels.

Business daily Világgazdaság reported a little more than a year ago that MVM offered €800 million for the gas business, but E.ON wanted €1.2 billion.