15 November 2002 – Hungary’s Antitrust Office has approved E.ON Energie Group’s take-over of Hungarian energy utility Edasz that will allow the German firm to increase its stake from 27.7 per cent to an 89.1 per cent.
In April this year E.ON Hungaria signed an acquisition agreement for E.D.F. International’s 27.7 per cent interest in electricity distributor Edasz, making it a majority shareholder. Under Hungarian securities law E.ON Hungaria was thus required to make a public tender offer for the remaining Edasz shares held by minority shareholders. The additional purchases allowed the company to boost its shareholding to a total of 89.1 per cent.
The EDASZ take-over represents another key milestone for E.ON Energie AG’s activities on the Hungarian energy market. E.ON Energie has been operating successfully in this market since 1995 via its subsidiary, E.ON Hungaria.
Edasz is headquartered in Gyor, Hungary. Its service territory covers Hungary’s main industrial region in the Northwest, which borders on Austria, Slovenia and Slovakia. It supplies 7.1bn kWh of electricity generating sales of €409m from a customer base of 909 000.