E.ON acquires majority stake in Romanian firm

28th June 2005, Comments 0 comments

28 June 2005, DUSSELDORF - German energy group E.ON said on Tuesday it has acquired a majority stake in Distrigaz Nord, a Romanian gas company with one million customers, as part of an eastern European expansion. As part of the transaction, E.ON Ruhrgas is to pay the Romanian state EUR 125 million for 30 per cent of the existing stock in the unit. A parallel recapitalization with E.ON spending EUR 178 million to acquire new shares will raise the Germans' stake to 51 per cent. Distrigaz has a market share o

28 June 2005

DUSSELDORF - German energy group E.ON said on Tuesday it has acquired a majority stake in Distrigaz Nord, a Romanian gas company with one million customers, as part of an eastern European expansion.

As part of the transaction, E.ON Ruhrgas is to pay the Romanian state EUR 125 million for 30 per cent of the existing stock in the unit. A parallel recapitalization with E.ON spending EUR 178 million to acquire new shares will raise the Germans' stake to 51 per cent.

Distrigaz has a market share of 29 per cent in Romania and supplies 4.6 billion cubic metres of gas annually. E.ON, based in Dusseldorf, is one of Germany's main electricity and gas utilities.

DPA

Subject: German news

0 Comments To This Article