CEZ to invite bids for Romanian assets in Dec, appeals ban on Bulgarian assets' sale

CEZ to invite bids for Romanian assets in Dec, appeals ban on Bulgarian assets' sale

Czech energy group CEZ said on Tuesday that over 30 prospective buyers have expressed interest in acquiring its assets in Romania, with screened candidates expected to be invited to submit bids in December.After evaluation of the initial bids, binding offers are expected to be submitted in the second quarter of 2020, with the transaction expected to be completed in the first half of 2021, CEZ said in a statement.The Czech group said in September that it has launched market sounding for selling seven companies in Romania: Energy Distribution Oltenia, Ovidiu Development, Tomis Team, MW Team Invest, CEZ Vanzare, TMK Hydroenergy Power and CEZ Romania.In its statement CEZ also said that it has appealed the Bulgarian competition regulator's decision to block its 335 million euro ($369 million) deal to sell its local assets to financial and insurance group Eurohold Bulgaria [BUL:4EH].Last month, Bulgaria's competition regulator banned the transaction, saying that the combined resources and market positions of the two groups in the electricity and insurance sectors create prerequisites for the notified deal to lead to the establishment or strengthening of dominant position. Eurohold has also appealed the regulator's decision.CEZ's earlier deal with Sofia-based Inercom for the sale of the group's assets in Bulgaria fell through as the seller also failed to obtain approval from the Bulgarian competition regulator.The CEZ group's assets in Bulgaria comprise CEZ Distribution Bulgaria, CEZ Electro Bulgaria [BUL:1CZ], licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria.
 

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