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Budget to be modified after MVM-E.ON deal

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This year's central budget will be modified according to a government bill introduced to parliament on Friday in the wake of the prospective purchase of E.ON's gas storage and wholesale company by Hungarian Electricity Works (MVM).

According to the bill, the state will guarantee the forint equivalent of the purchase price, €875 million at most, and an up to HUF 90 billion for the purchase of inventories. MVM will pay a 0.1% fee to the state for the guarantee within thirty days of the signing of the purchase agreement.
Hungary has purchased E.ON's gas business in Hungary for well under the maximum price decided by the government, Prime Minister Viktor Orbán said on public radio last Friday. Orbán said all agreements on the transaction had been reached and only technical details remain to be worked out before signing.
On November 30, Orbán and chairman-CEO of E.ON Johannes Teyssen signed a declaration of intent on the transfer of E.ON's gas business to MVM.

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