Hungarian State to Buy Out E.ON Local Business -PM
27 August 2012 - 1:17AM
Dow Jones News
BUDAPEST--Hungary is "minutes" away from buying out the local
business of German energy group E.ON AG (EONGY), Prime Minister
Viktor Orban said at a weekend event.
The German utility has significant interests in Hungary,
including power plants, electricity and natural gas services and is
also Hungary's natural gas wholesaler.
Mr. Orban said the move is in line with the government's
strategy of taking key industrial sectors into state control after
becoming the majority owner of Budapest-based energy group MOL
Nyrt. (MOL.BU) and machinery manufacturer Raba Nyrt, since coming
to office in 2010.
Neither E.ON nor a government spokesperson was immediately
available for comment on the announcement or to provide additional
details.
Write to Gergo Racz at gergo.racz@dowjones.com