Shareholder Contract to Strengthen State's Position

A shareholder contract will strengthen the state-owned stake in the energy utility Slovenske elektrarne, Economy Minister Vazil Hudak announced on Monday. Slovakia signed a memorandum of understanding with Enel Produzione vis-a-vis a transaction concerning the Italian company Enel's 66-percent stake in the utility. The memorandum features two levels of state options for obtaining additional shares. According to the Slovak Economy Minister, the memorandum is of a legally binding nature. Prime Minister Robert Fico announced at a press conference on Sunday (December 20) that Slovakia had been given the option of buying a further 17 percent of the shares in SE up to six months after all authorisations for the aforementioned reactor blocks at Mochovce are concluded. If the option is applied, the state could acquire a 51-percent majority stake in SE, as it currently owns 34 percent.