Enel accused of breaching sales of Electrica Muntenia Sud shares

The Company of Energy Stock Administration (SAPE) which separated from Electrica and is under the subordination of the Department for Energy will sue Enel at the Arbitration Tribunal in Paris for the “Put” option set for Electrica through the privatization contract signed for Electrica Muntenia Sud, reports the Department for Energy in a press release. ENEL group was supposed to buy till the end of 2012 another stake of 13.57 per cent of the shares Electrica company still had at Electrica Muntenia Sud, according to the privatization contract of Electrica Muntenia Sud. Hotnews.ro revealed a week ago that instead of delaying talks about this matter, the Romanian side still has an instrument available, sending the case to the Arbitration Court in Paris.  A Government Resolution in November 2012 established a selling price of EUR 521,583,574 . However, the transaction did not conclude at the deadline set in the contract due to disagreements, reports Electrica in a reply sent to HotNews.ro. Basically, this situation lasts for a year and a half, period in which the Romanian side could not impose to Enel, in spite the clear provisions in the contract. However, the Government managed to sign a memorandum allowing the negotiation, which unfortunately led to no result by now.

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