Poland taps Kulczyk, nixes GDF Suez in Enea bid

28th October 2010, Comments 0 comments

Poland said Thursday it has tapped Kulczyk Holding for exclusive talks on the purchase of a 51 percent stake in Enea, its number three energy company, at the expense of France's GDF Suez.

Owned by Polish businessman Jan Kulczyk, Kulczyk Holding has until November 3 for exclusive negotiations on the purchase of the Enea stake.

"In the framework of the sale of 225,135,940 shares (51 percent) of the Enea company, the Treasury has decided to give Kulczyk Holding exclusive negotiation rights until November 3, 2010," a treasury statement said.

Should the talks fail, "the Treasury reserves the right to invite other candidates to negotiations."

The Enea sale is expected to make the state between 4.6 and 6.0 billion zloty (1.16-1.5 billion euros, 1.6-2.1 billion dollars).

The treasury controls 60.43 percent of Enea, after having floated a 16.05 percent holding on the Warsaw Stock Exchange earlier this year.

Swedish energy group Vattenfall owns 18.7 percent, bought in 2008.

Enea is one of four state-controlled power companies in Poland.

It claims 16 percent of the country's power market, covering 2.3 million homes over a fifth of the country's territory.

The Enea sale is part of a massive privatisation drive this year as the government aims to raise 25 billion zloty (6.36 billion euros, 8.2 billion dollars) to cap a public deficit ballooning up to 7.0 percent of Gross Domestic Product, more than double the European Union limit of 3.0 percent.

© 2010 AFP

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