Bulgarian Eurohold Remains the Only Candidate for CEZ's Business in Bulgaria

Business » ENERGY | April 17, 2019, Wednesday // 13:07| Views: | Comments: 0
Bulgaria: Bulgarian Eurohold Remains the Only Candidate for CEZ's Business in Bulgaria

The withdrawal of the Czech energy company CEZ from the Bulgarian market went into a new phase. According to sources in the Czech Lidovky Noviny newspaper, close to the management of the company, the company has decided to suspend the negotiations for the purchase of its assets with India Indian Power and stay with the Bulgarian financial group Eurohold.

We recall that last week, the Czech company stopped the negotiations with another candidate - "Inercom", who for a long time was the only one willing to buy the local business.

No official parameters of Eurohold's bid are known, but according to sources of the issue it is "a more attractive offer than that of Indian company." We recall that the first candidate, Inercom, offered 355 million euros.

The bid of the Bulgarian holding became officially announced at the beginning of the month, with the latest bid seeming to be the first.

"The intention to acquire CEZ Group's assets in Bulgaria is part of the long-term strategy of the holding to enter new regulated business segments offering great growth opportunities." At the same time with the acquisition of CEZ Group's assets in Bulgaria, Eurohold considers the possibility to sell part of its assets outside the insurance business to focus on the segments with the greatest potential for growth, "it was then said in the official announcement.

Eurohold's plans include a capital increase of nearly 80 million new shares, which expects to raise EUR 80 million. The resolution must be approved by the company's shareholders at an extraordinary general meeting on April 22. The management of the holding has received assurance and support for the capital increase from the major shareholders.

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