Plans of Romania's largest electricity producer, state-controlled company Hidroelectrica, to take over the electricity supply firm CEZ Vanzare "turned uncertain" after it was "put on hold," according to Ziarul Financiar daily, quoting unspecified members of the Supervisory Board.

The Australian investment fund reportedly plans to divest the supply firm and keep the other assets taken over from CEZ at the end of 2020.

Hidroelectrica's Supervisory Board cleared the company's bid for the electricity distribution firm, according to the half-year report, subject to shareholder meeting approval.

In the first half of the year, the Supervisory Board approved "the financial statements for 2021and Hidroelectrica's bid along the acquisition procedures for CEZ Vanzare," according to the report quoted by Ziarul Financiar.

At the end of 2020, MIRA took over CEZ Vanzare and other assets, including a distribution network in the southern part of the country, a wind farm in Dobrogea and micro hydro plants in Carasi county, from Czech utility group CEZ in a transaction worth RON 4.7 bln (EUR 1 bln). MIRA evaluated CEZ Vanzare at the time it took it over at EUR 15 mln. 

andrei@romania-insider.com

(Photo source: Facebook/Hidroelectrica)