CEZ may not be able to buy all the shares of "Electrica Oltenia"

• A 10% stake is reserved for employees

Alina Toma Vereha

"Electrica" SA will not be able to sell to Czech-based "CEZ" the stakes it holds in the companies spun off out of the former "Electrica Oltenia". Adolf Mureşan, the chairman of the Union Federation "Univers", said: "According to the privatization contract of Electrica Oltenia, signed with CEZ - the winner of the tender, Electrica employees have the right to purchase up to 10% of the shares. This right is guaranteed for all the employees of all subsidiaries of Electrica SA that were privatized. There are two worker associations, which are aware of the offer made by CEZ - Czech Republic to acquire the minority interests of former Electrica Oltenia. But Electrica can not sell to CEZ the shares that belong to the employees working in the companies which were spun off out of Electrica Oltenia".

"Electrica Oltenia" was divided into three companies - CEZ Distribuţie (Distribution), CEZ Vânzare (Sales) and CEZ Servicii (Services). CEZ holds 51% in each of the three companies. The state-owned Proprietatea Fund holds 30% of the shares of CEZ Distribuţie, 30% of CEZ Vânzare and 12% of CEZ Servicii SA. The Romanian state, by proxy of "Electrica" SA, holds 19% of CEZ Distribuţie, 19% of CEZ Vânzare and 37% of CEZ Servicii.

Adolf Mureşan said that the authorities are working on drawing up the norms for the application of the emergency decree concerning the sale to the employees of 10% of the shares of the privatized subsidiaries of "Electrica" SA. The employees of Electrica Oltenia and Electrica Moldova expressed their interest in acquiring the shares and the deadline for the purchase of the shares was extended. "Electrica" employees of hope that the offer made by CEZ Czech Republic for the shares held by the Proprietatea Fund and "Electrica" SA, will help speed up the enactment of the aforementioned norms.

The sale of shares to employees of the subsidiaries of "Electrica" will be done through the employee associations. According to Mr. Mureşan, the associations will be dissolved after the sale is completed and will not profit from this operation.