Slovnaft and MVM made a non-binding bid to purchase Slovenské elektrárne shares
- The two companies made a non-binding joint bid to purchase 66% of SE shares owned by ENEL
- The partnership would strengthen the security of supply in the CEE region
- A successful bid would open-up new export opportunities
- The transaction is in line with the EU’s single energy market plans
Bratislava, SLOVAKIA - 20th November 2014 – Slovnaft (a member of the MOL Group) and the MVM Group made a joint non-binding bid for the purchase of 66% of the Slovakian Slovenské elektrárne (SE) a.s shares, currently owned by ENEL SpA.
The bid is in-line with Slovnaft’s overall long-term business strategy to maintain and further strengthen its positions in the regional energy market by diversifying its oil and gas portfolio.
With this regional partnership the vertically integrated energy company MVM Group aims to develop further and expand its business portfolio in the CEE region. MVM Group has also more than 30 years of experience in nuclear power plant operation.
Both Slovnaft and MVM Group see great potential in managing SE’s nuclear and water plant capacities as both companies aim to provide emission-free energy to regional markets.
Acquiring the stake in SE would strengthen the security of supply of the CEE region both in the field of electricity and natural gas contributing to the development of the EU's single energy market.
A successful bid would also open-up new export opportunities to regional markets and would also facilitate the creation of additional working places in the mid-term.
About Slovnaft
SLOVNAFT Group is an integrated refinery-petrochemical group. It´s key company is SLOVNAFT, a.s. dealing mainly with refining in one of the most complex European refineries and with the wholesale and retail sale of motor fuels. Slovnaft operates the largest network of filling stations in Slovakia. The company is a leader in Slovakia in the field of CSR and corporate philanthropy, significantly supports sport, culture, education, youth and revitalizing of environment. SLOVNAFT Group is a member of international MOL Group.
About MVM Group
The MVM Group is a vertically integrated regional player with more than 50 years of energy industry experience. Its strategic mission is to guarantee the security of energy supply to the CEE Region and at the same time - due to its significant system balancing reserves - to ensure the stability of the regional power system and the maintenance of its capacities. The MVM Group’s portfolio covers electricity production, trade and transmission and also natural gas trade and storage services. MVM has the know-how of building, operating and developing (uprating) nuclear power plants. The company is currently managing a lifetime extension program to extend the operational life of its four nuclear units in Paks which are similar to the units operated by SE. MVM Group´s annual revenues reach over EUR 3 billion and with total assets roughly around EUR 4.7 billion.
About SE
With a market share of appr. 80%, SE is the leading power generator in Slovakia with a total installed capacity of 5,740MW and a balanced generation mix comprising nuclear, hydroelectric, conventional thermal facilities and photovoltaic plants.