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Fondul Proprietatea (FP) has received a notification from Enel regarding its right to participate in the sale of the stakes held by the Italian group in Romania, FP informs in a report sent to the Bucharest Stock Exchange on Tuesday.
"Franklin Templeton International Services SR, in its capacity as manager of alternative investment funds and sole administrator of the Fondul Proprietatea SA, wishes to inform shareholders that it has received a notification from Enel SpA regarding the exercise by FP of the right to participate in the sale, pursuant to the Privatisation Agreement concluded between SC Electrica SA and Enel on June 11, 2007, concerning the acquisition and subscription of shares in the Electrica Muntenia Sud SA Electricity Distribution and Supply Subsidiary, in connection with the FP holdings in the share capital of Enel Energie Muntenia SA and E-Distribution Muntenia SA," the report reads.
According to the source, the notification of the right to participate in the sale is triggered following the conclusion by Enel and the Greek company Public Power Corporation SA of a contract for the sale of all the stakes held by the Enel Group in Romania.
"Any potential sale pursuant to the right to participate in the sale, if exercised, will be conditional on the completion of the transaction between Enel and PPC," the report also mentions.
Italian utilities group Enel announced last week that it would sell its Romanian operations to Greek group Public Power Corp (PPC) for EUR 1.26 billion as part of a plan to reduce debt and focus on green energy.
