Austria's EVN Moves to Delist Bulgaria UnitsEnergy | March 6, 2012, Tuesday // 17:25| views
Austria's EVN AG plans to delist its two units in Bulgaria just two months after the trade with their shares started on the local stock exchange.
This becomes clear from a tender offer the Austrian group published in local Capital daily for the acquisition of the remaining shareholders shares.
"After all legal requirements have been met, EVN plans to request the delisting of the two units from the Bulgarian stock exchange," the Austrian energy group said in the notice.
The launch of the takeover bids has been scheduled for June.
At the moment EVN AG holds a 99.91% stake in EVN Bulgaria Electrorazpredelenie and a 99.92% stake in EVN Bulgaria Electrosnabdiavane.
Bulgaria sold almost all of its 33% stakes in Austria's EVN unit in the country right after the trade with its shares on the local stock exchange started on December 21.
EVN snapped up more than 97% in the capital of its two units in Bulgaria in one day and shortly afterwards increased even further its stake.
Bulgaria offered 62 106 shares in Electrosnabdiavane and 51 612 shares in Electrorazpredelenie at a minimum price per share of BGN 120.31 and BGN 1,373.92 respectively.
A total of 112,795 shares in the two companies - Electrosnabdiavane and Electrorazpredelenie - were sold right away, raising BGN 92.97 M, well above the government's target of BGN 78.4 M.
The average price achieved during the trade for the shares from the two companies was BGN 156.60 and BGN 1632.56 per share respectively, data showed.
The remaining 923 shares were offered for sale later the same week.