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Repurchase of Budapest Waterworks stake opens way to EU funds

The repurchase of a minority stake in the Budapest Waterworks from France's Suez Environment and Germany's RWE this summer makes the company eligible for European Union funding as it is no longer owned by private investors, CEO Csaba Haranghy said in an interview published in business daily Napi Gazdaság on Tuesday.

Haranghy told the paper that a HUF 12 billion loan the waterworks took out in autumn would be used to repay the local council's owner's loan that was used to buy back the 25%-plus-one-vote stake in the company.