Electrabel posed to bid for CNR stake

10 June 2002 – Electrabel, the Belgian power subsidiary of French utility group Suez, is set to acquire a 11.4 per cent share in the state enterprise Compagnie Nationale du Rhone (CNR) from the Rhone department in the south-east of France, reports the French Newspaper Les Echos. The stake has been valued at between EURO61m ($57m) and EURO85.4m ($79.8m), depending on legal requirements.

The potential sale has received government approval and became possible following the European Union directive on the liberalization of energy markets, which saw CNR change its status to an independent producer of electricity in April 2001.

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