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EDF increases its stake in Hungarian power distributor Démász

Electricite de France SA, France's largest power company, boosted its stake in Hungary's biggest power distributor Démász Nyrt to 95.1%.

EDF increased its stake in the Szeged, southeast Hungary-based company from 61%, Démász said in a stock exchange statement today. EDF on October 16 offered Ft 20,000 ($99) a share to buy the 39% in Démász it didn't already own. That offer closed November 13. The France power company bought its majority stake in Démász in 1995. Its main competitor in Hungary is E.ON AG, the country's largest electricity distributor which has spent €1 billion ($1.3 billion) expanding here in the past 10 years. Démász shareholders on October 16 also approved withdrawing the company's shares from the Budapest bourse. Démász's board will hand in the request for withdrawal to bourse executives, Démász said. (Bloomberg)