Hidroelectrica, the largest electricity producer and the most profitable state-owned company in Romania, convened its shareholders on April 14 to approve “certain aspects” of the planned acquisition of some assets from Czech utilities group CEZ, Ziarul Financiar reported.

The company aims to diversify its production base through this takeover.

The Hidroelectrica management wants the shareholders’ approval to place a binding bid for the CEZ assets. The company could make the offer alone or in a consortium.

The management also needs the shareholders’ approval for contracting a loan for financing the takeover of the CEZ assets.

Hidroelectrica “is in poll position” to get the CEZ assets it wants, namely the wind farms and the power supply.

Hidroelectrica’s shareholders are the Romanian state through the Ministry of Economy and Energy (80%) and Fondul Proprietatea (20%).

editor@romania-insider.com

(Photo source: Facebook/CEZ Romania)