September 26 (SeeNews) - Romanian hydropower producer Hidroelectrica said it will ask its shareholders to approve the submission of a buy offer for electric power and natural gas supplier CEZ Vanzare, part of Australia's Macquarie Infrastructure and Real Assets (MIRA).
Majority state-owned Hidroelectrica will ask its shareholders to approve the offer at an ordinary meeting scheduled for October 25, according to a document posted on its website on Sunday.
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In June 2020, Hidroelectrica received the approval of its majority shareholder - the ministry of economy and energy, to submit a binding bid for the takeover of the local assets of Czech energy group CEZ. Hidroelectrica also received the approval of its majority shareholder to take out a loan in order to finance the acquisition.
However, in October 2020, Macquarie Infrastructure and Real Assets (MIRA), part of Australian financial services group Macquarie Group, said that a consortium led by Macquarie European Infrastructure Fund 6 reached an agreement to acquire all power assets owned by Czech utlities group CEZ in Romania.
Earlier this month, Romanian investment fund Fondul Proprietatea [BSE:FP], a minority sharedolder in Hidroelectrica, announced that together with the company has selected the consortium of investment banks in relation to its planned initial public offering (IPO).
In August, the Romanian government announced that Fondul Proprietatea will launch an IPO of up to 19.94% interest in Hidroelectrica by the end of the first half of 2023. The successful completion of the listing of a substantial package of Hidroelectrica shares on the Bucharest Stock Exchange at the end of the first half of next year will allow Romania to fulfill the specific objective established in its National Recovery and Resilience Plan, the government said at the time.
Hidroelectrica is 80.06% owned by the Romanian state, while Fondul Proprietatea holds a stake of 19.94%.
Fondul Proprietatea's shares traded 2.23% higher at 1.8440 lei ($0.36/ 0.37 euro) as at 0958 CET on Monday on the Bucharest Stock Exchange
(1 euro=4.9437 lei)
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