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Enel Confirmed as the Recommended Purchaser of 66% Stake in Slovenske Elektrarne

Italy's Enel company was confirmed on October 1, as the recommended purchaser of a 66% stake in Slovakia's national electricity generator Slovenske Elektrarne (SE).

Economy Minister Pavol Rusko has recommended that cabinet accept Enel's bid and the four-party cabinet is expected to approve the recommendation when it meets on October 6.

Rusko said he had consulted on his decision with the privatisation committee and PricewaterhouseCoopers (PwC), the government's advisor on the sale.

Negotiations on the transaction documents have to be finished by November 25, the expiry date of the privatisation offer. Premier Mikulas Dzurinda has said that all coalition partners are ready to support the privatisation of SE.

However, the Christian Democrat party is concerned that Enel remains in state hands and still has to be privatised to an as yet unknown investor. The privatisation committee recommended Enel company three weeks ago. Enel offered 33.6 billion crowns (840 million euros).

The second best offer was from the Czech Republic's CEZ (690 million euros) and the third was from a consortium led by Russia's Inter UES (547 million euros).

(NewsBase 04.x.04)

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