State to acquire local council Főgáz stake

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The Hungarian state is set to acquire a stake in gas distributor Főgáz, currently owned by the Budapest local council, by October 10, according to a decree published today in the most recent issue of official gazette Magyar Közlöny.

The decree signed by Prime Minister Viktor Orbán mandates that the development and economy ministers must oversee the acquisition, the gazette reported.

Főgáz is expected to become the foundation for a state-run, non-profit public utility holding company to be set up by March of next year, cabinet chief János Lázár revealed this past weekend.

The state-owned Hungarian Electricity Works (MVM) acquired a stake of just less than 50% in the company from German utilities company RWE, for HUF 41 bln last spring.

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