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PannErgy to sell stake in PannUnion

Geothermal energy company PannErgy is to sell its entire 95.3% stake in plastics company PannUnion in a public purchase offer called by Pannunity at a price of HUF 210.32 per share, PannErgy and PannUnion said late Monday.

The offer price will be HUF 210.32 per share, but "the final purchase price of the shares sold by PannErgy shall be determined by PannErgy and the purchaser in a price review procedure which is expected to be held within 2-3 months after the closing of the public purchase offer," the companies said.

Pannunity is a special purchase vehicle owned by a company registered in Luxembourg indirectly controlled by investment funds managed by affiliates of Sun Capital Partners, a US-based private investment firm.

PannErgy, formerly Pannonplast, announced plans in 2007 to change its profile to focus on geothermal energy projects. It spun off its plastic businesses into PannUnion, which it listed on the Budapest Stock Exchange.