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Court orders new review of Emfesz acquisition

The Budapest Municipal Court of Appeals on Wednesday ruled that the Hungarian Energy Office (MEH) must repeat a review of the acquisition of Emfesz, one of Hungary's biggest gas company's, by Switzerland-registered RosGas, Emfesz told MTI.

Emfesz said it would appeal the decision.

MEH approved the acquisition of Emfesz by RosGas in April 2009.

Spokespeople for both MEH and Emfesz declined to comment on the matter until they are informed of the court decision in writing.

RosGas bought Emfesz from Mabofi Holding in the spring of 2009. It paid a token price of $1, but took on the company's HUF 140 billion of debts. (MTI-ECONEWS)