Russian IDGC Holding interested in acquiring all of the assets of E. ON in Bulgaria

Russian state-owned IDGC (MRSK) Holding JSC will participate in the bidding on the Bulgarian Stock Exchange for the acquisition of a 33% stake in the Electricity Distribution Company (EDC) in north-eastern Bulgaria, owned by German E. ON, posted the Russian Kommersant newspaper.

The company intends to buy the tender documentation. Its chances are quite good because the state-owned shares will be offered in separate lots and bought by those who offer the highest price. However, there is no guarantee that a single buyer will be able to get the whole package of 33% because it is possible that another candidate will offer a higher price in a single lot.

Representatives of the state- owned IDGC Holding, which brings together the distribution networks in Russia, and of German E. ON, declined to comment for the newspaper. The publication, however, reminded that, some time ago, Director General of IDGC Holding Nikolay Shvets, stated that the company would like to manage an electricity infrastructure abroad, preferably in Europe.

“Furthermore, besides the State, which is preparing to list its 33% stake for privatisation on the stock exchange, the E. ON company also intends to sell its assets and has already drafted an information memorandum for potential investors,” posted the publication. The memorandum noted that E. ON was considering withdrawing from the Bulgarian energy sector and transferring complete control of its subsidiary company to another owner.

Sources of Kommersant maintain that the IDGC Holding has already sent a non-binding offer for the purchase of the respective assets from E. ON and that the company intends to submit a binding offer today - November 24.

The newspaper noted that the market share of E. ON Bulgaria is 18% and it is lower than the share of the two other market players - Czech CEZ and Austrian EVN.

Head of Energy Development Fund of Russia Sergey Pankin told the newspaper that the deal for the acquisition of shares in the Bulgarian EDC could only be a result of "a political order on the part of the State."

The Bulgarian State intends to sell its shares in the E. ON Bulgaria company. This will be the first, out of the 3 packages in EDCs, planned to be offered for privatisation via the stock exchange.

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