Démász shares rally to six-year high after EDF buyout offer
EDF's offer is valid for 50 days, it said in a statement to the Budapest Stock Exchange (BÉT) on Monday. Démász shares jumped 11% to Ft 19,250, the highest price since April 2000, at 3:47 p.m. after trading resumed in Budapest. The stock has added 13% this year, propelling the company's market value to Ft 71.3 billion.
EDF, based in Paris, is trying to boost its holding after buying a majority stake in Szeged, south Hungary-based Démász in 1995.
Its main competitor in the local market is E.ON AG, which has spent €1 billion in Hungary in the past 10 years and is the country's largest electricity distributor. (Bloomberg)
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