State set to take over E.ON ownership today

Int’l Relations

The Hungarian gas business of Germany-based E.ON will return to the state on September 30, National Development Minister Zsuzsa Németh said on public radio. Price negotiations, based on market prices for the gas reserves of the unit, can begin afterward, Németh said in an interview, excerpts from which were broadcast early Friday on Kossuth Rádió.

The state-owned Hungarian energy group MVM signed an agreement on the purchase of E.ON's gas business in Hungary for about €870 million in March and has been seen as part of the government's recently announced plan to nationalize or re-nationalize key utility companies in Hungary.

-- David Landry contributed to this story

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