CEZ Cancels Inercom Deal Due To "Unlawful Obstructions" by Bulgaria

CEZ Cancels Inercom Deal Due To "Unlawful Obstructions" by Bulgaria

Czech energy group CEZ told SeeNews on Monday that it has terminated a contract to sell its Bulgarian assets to Sofia-based Inercom due to "unlawful obstructions" by Bulgaria regarding the closure of the deal."The reason for the termination of the contract by CEZ, a. s., is frustration of the fulfillment of the conditions precedent, and thus closing of the contract, by unlawful obstructions of the Bulgarian State," CEZ press officer Alice Horakova said in an emailed statement in response to a SeeNews enquiry.Earlier this month, CEZ told SeeNews that it has received binding offers for its assets in Bulgaria from India Power and Eurohold Bulgaria [BUL:4EH]."We will now analyze these offers," Alice Horakova said at the time.CEZ Group launched the procedure for selling its assets in Bulgaria in 2017, and signed an agreement with Inercom in February 2018. According to data from CEZ Group's annual financial statement for 2017, the deal with Inercom valued the group's Bulgarian assets at some 326 million euro ($369 million).The deal was then banned by Bulgaria's Commission for Protection of Competition, which expressed worries about the combination of Inercom's renewable energy assets and CEZ's control of the power distribution grid in northwestern Bulgaria.

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.