Enel gains Slovak approval for takeover

18 August 2005

Slovakia's government has approved Italian utility Enel’s investment plan for national power company Slovenske Elektrarne (SE), in which Enel has bid for a majority 66% stake.

The investment plan, presented to the Slovakian Economy Ministry on 8 August, sets out investments worth some €2.0 billion as part of Enel’s plans to push SE into a key operator in Central and Eastern Europe.

Enel has offered €840 million for the 66% holding and is thought to be prepared to invest some €1.6 billion in the completion of the Mochovce nuclear power plant, owned by SE.

Enel is said to be pleased with the positive signal from the Slovak government.

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