Tuesday, July 26, 2016

The European Commission has approved acquisition of joint control over Slovenské elektrárne by EPH and ENEL

On Tuesday (26 July) the European Commission cleared acquisition of joint control over Slovenské elektrárne by EPH and ENEL. The Commission concluded, after the examination under the normal merger review procedure, that the proposed transaction would raise no competition concerns because of the fact that “…the overlaps between the companies' activities are either small or will continue to face strong competition from rival players.” The European Commission added that given the existence of alternative sources of supply at the wholesale level, the companies would have neither the ability nor the incentive to prevent their competitors from accessing electricity on the retail market after the transaction”.

The contract between ENEL and EPH for sale of 66 % stake in Slovenské elektrárne was signed on 18 December 2015. Italian and Czech companies agreed on two-stage transfer at preliminary price of 750 million Euros. In the first phase, EPH will acquire 33 % stake, the transfer of remaining share will be accomplished after completion of construction and putting into operation two nuclear units of nuclear power plant Mochovce.

The Slovak Republic will retain 34 % share, nay it has an option to increase its stake of 17 % in accordance with memorandum between ENEL and Ministry of the Economy of the Slovak Republic, which was signed with the consent of EPH. 

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