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Eurohold Bulgaria fails to reach full ownership of former CEZ units

Eurohold Bulgaria fails to reach full ownership of former CEZ units The new logo of Electrodistribution Grid West. Source: Electrohold.

SOFIA (Bulgaria), June 20 (SeeNews) - Energy and insurance group Eurohold Bulgaria's [BUL:EUBG] subsidiary Eastern European Electric Company (EEEC) said on Monday that it owns 97.66% of Electrohold Sales [BUL:CEZE] and 99.25% of Electrodistribution Grid West [BUL:CEZD], former local units of Czech energy company CEZ, after its tender offer expired on June 18.

EEEC is acquiring 37 shares in Electrohold Sales at a price of 28,433.51 levs ($14,538/15,312 euro) apiece as well as 6,165 shares in Electrodistribution Grid West, or EGW, at 302.56 levs per share, the Netherlands-based EEEC said in two separate filings to the Bulgarian Stock Exchange.

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Settlement of the transactions is expected to occur by end of day on June 28.

Last month, EEEC increased the prices of its tender offers to the minority shareholders of both units following a decision by the Commission for Protection of Competition to halt the launch of the offers, partly on account of inadequacies in pricing.

EEEC initially offered to pay 300.29 levs per share for the remaining interest in EGW, in which it had raised its ownership to 98.93% in late March, and 28,158.30 levs per share for the remaining minority interest in Electrohold Sales, in which it also increased its stake in March, to 96.92%.

(1 euro = 1.95583 levs)

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